More information on the state's response to COVID-19's impact on small businesses More Info

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Division of Small Business

If you received a PPP loan, you’ll want to know about these changes


The federal Paycheck Protection Program Flexibility Act, which was signed into law June 5, makes several significant changes to the program designed to make it easier for businesses to have at least a portion of the loan forgiven.

Under the new law, businesses need to spend at least 60 percent of the loan on payroll, down from 75 percent in the initial law.

They now have 24 weeks to spend the money, rather than 8 weeks.

And businesses now have until Dec. 31 to rehire workers.

This article from Forbes magazine explains the changes in more detail.

 

 

 

 

 




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