NFIB Weekly NewsLeading the News Treasury Makes It Easier For Small Businesses To Avoid Needing To Repay PPP Loans (05/19/2020)
The New York Times (5/15, Flitter) reported the Treasury Department on Friday “made it slightly easier for small-business owners to avoid having to repay government-backed loans they took out under a program designed to keep them from laying off employees and permanently closing.” While the terms seemed to loosen a requirement that companies “rehire a certain percentage of their employees in order to obtain forgiveness,” they did not eliminate “a requirement that many business found onerous: At least three-quarters of the money must be spent on payroll expenses and the rest on rent and utility bills.”
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