Legislation that provides additional flexibility for employers to get their loans forgiven goes to White House for President Trump’s signature.
The U.S. Senate passed the House version of Paycheck Protection Program (PPP) legislation yesterday, extending the time allotted for PPP loan recipients to spend the funds and still qualify for forgiveness of the loans from 8 to 24 weeks and lowering the payroll spending requirement to 60% of the loan amount from 75%.
According to CollisionWeek research, 93.6% of collision repair facility respondents had applied for government-backed loan and grants and over 72.7% had received funds by the end of
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