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New PPP Law Extends 8-Week Period and Reduces Percent Payroll Cost Rule

From my article on Entrepreneur. 

Congress just passed the Paycheck Protection Flexibility Act of 2020 and improved the  (PPPP) for small- loans. The bill enhances the PPP by increasing the time  can use funds and receive forgiveness from eight weeks to twenty-four weeks and by reducing the  cost rule from 75 percent to 60 percent. The President is expected to sign the bill immediately, and the  and Treasury will be tasked to update their regulations, guidance and forgiveness application.