President Trump on Friday signed a Paycheck Protection Program reform bill into law–and with it just gave millions of businesses some extra time to bulk up on staff.
Approval of the Paycheck Protection Flexibility Act, which unravels many of the PPP’s more onerous restrictions, should make it easier for small business owners to turn the loan into a grant that they don’t have to repay.
Importantly, it gives businesses 24 weeks instead of eight to use the money, and reduces the requirement that they spend 75 percent on payroll down to 60 percent on payroll. That’s good news for businesses. Here’s why.