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ARTICLE · 29 MAY 2020

COVID-19 Policy Update – May 7, 2020

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This week Senate Republicans and Democrats have underscored the need for a number of changes to the Paycheck Protection Program (PPP) established under the Coronavirus Aid, Relief,...

GlobalCoronavirus (COVID-19)
G. Hunter Bates
G. Hunter Bates
Brian A. Pomper
Brian A. Pomper
James Tucker Jr.
James Tucker Jr.
M. Todd Tuten
M. Todd Tuten
Hans Rickhoff
Hans Rickhoff
Josh Teitelbaum
Josh Teitelbaum
Taylor Daly
Taylor Daly
Camillo Morales
Camillo Morales
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Senate Elevates Bipartisan Calls for Revisions to Paycheck Protection Program

This week Senate Republicans and Democrats have underscored the need for a number of changes to the Paycheck Protection Program (PPP) established under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. These proposed changes include:

  • Extending the program's eight-week covered period to deploy PPP funds and earn loan forgiveness to 16 weeks after the loan is disbursed for businesses whose revenues have declined by at least 25 percent
  • Raising the PPP's non-payroll forgiveness cap from 25 percent to 50 percent
  • Allowing small businesses to deduct expenses paid with a forgiven PPP loan from their taxes.

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