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BGOV Bill Summary: H.R. 7010, PPP Small Business Loans (1)

May 26, 2020, 1:42 PMUpdated: June 4, 2020, 1:46 PM

Several restrictions on companies that borrow money through the Paycheck Protection Program would be relaxed under H.R. 7010, which the Senate cleared for the president June 3.

Among other provisions, the measure would give businesses more time and flexibility to make qualifying expenditures for loan forgiveness, and allow businesses with forgiven loans to defer payroll taxes.

“Congress now has an opportunity to fix what’s broken and make this important relief program more accessible and useable to the small businesses that need it the most,” Rep. Dean Phillips (D-Minn.), the bill’s sponsor, said in a May 27 news release. ...

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