How has Congress' new legislation (early June 2020) affected the PPP Loan program?

Businesses and Non-Profits should have a much easier time getting more of their PPP Loans Forgiven and converted to government grants that do not need to be paid back!
The "covered period" for spending funds has been extended from eight weeks to 24 weeks, now ending Dec. 31, 2020
The limits on loan forgiveness for business that were unable to rehire employees have been removed
The 25% cap to use PPP funds on nonpayroll expenses, such as rent, mortgage interest and utilities, has been increased to 40% of the total loan
The change in the law lowers the 75% requirement for payroll to 60% to get forgiveness
The loan terms for any unforgiven portion that needs to be repaid has been extended from 2 years to 5 years, at 1% interest
Small businesses now have more time to rehire employees

The net effect of this legislation is that more Businesses and Non-Profits can apply for a PPP Loan knowing that they might be able to get close to 100% of the PPP Loan amount Forgiven and turned into a government grant that does not need to be repaid!

Congress HAS voted to extend the deadline to apply for a PPP Loan until August 8, 2020.

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