Compact companies will now have up to 24 months to use Paycheck Defense Program financial loans gained for the duration of the COVID-19 pandemic. The deadline was lifted from eight months soon after the Senate unanimously permitted the extension Wednesday.
The extension laws has presently been permitted by the Household of Reps and now moves to President Donald Trump for approval, reported Reuters.
Financial loans given out below the PPP can transform into grants if smaller companies adhere to specific circumstances. One particular of the circumstances mandates that the loan be put in within just a established time frame.