BGOV OnPoint: Congress Revamps PPP Rules for Small Businesses

Businesses that borrow money through the Paycheck Protection Program will have more time and flexibility to qualify for loan forgiveness under a bill (H.R. 7010) cleared for the president on June 3.

The program offers low-interest loans backed by the Small Business Administration to support businesses during the Covid-19 pandemic. Loans can be forgiven if employers keep workers on the payroll or make other qualifying payments, such as rent.

The Small Business Administration and participating lenders have approved more than $500 billion in loans for eligible borrowers, according to the latest lending data. The program is open to ...