The PPP Flexibility Act passed the Senate late Wednesday by unanimous consent, meaning no senator objected or demanded a vote. The House approved the measure last week with a 417-1 vote, but it stalled as several Republican senators raised concerns about a variety of unintended consequences for the $660 billion program meant to sustain small businesses and nonprofits and their employees while the pandemic locked down much of the U.S. economy.
The measure would give employers 24 weeks to spend the money and have the loans forgiven, tripling the current covered period of eight weeks. While an earlier version of the bill would have eliminated any requirement about how much companies must spend on payroll, the final text instead lowers the threshold from 75% to 60%. To read more, click here.
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