Daily Tax Report ®

Senate Passes Changes to Small Business PPP Loan Program (1)

June 4, 2020, 2:27 AM

The Senate cleared changes to the popular Paycheck Protection Program on Wednesday that will allow small businesses more flexibility in using the rescue loan funds. The bill, which passed the House last week on a 417-1 vote, now heads to President Donald Trump’s desk for his signature.

Senators gave unanimous consent for the legislation hours after Ron Johnson, a Wisconsin Republican, had raised objections.

The coronavirus program provides forgivable loans to help small businesses make their payrolls during the Covid-19 crisis. The bill would extend an eight-week period -- when proceeds must be spent for loans to be...

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