There will be major changes in the horizon for the PPP as the House of Representatives passed a bill yesterday that included:
- PPP period extension to 24 weeks
- Payroll requirement for forgiveness moved to 60%
- Extending the program up to Dec 31, 2020
- Extending the PPP loan from 2 years to 5 years
Note that the Senate has to approve but we expect a high probability of success as this is a bipartisan initiative.