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UPCOMING EVENTS Online Networking Coffee
July 27, 2021
Doing Business with Lebanon
July 27, 2021
Online Cocktail Networking
July 29, 2021
Online Networking Cocktail with the Puerto Rico Chamber of Commerce
August 19, 2021
Build Back New York: Post Covid - Online Q & A Chat Webinar
August 25, 2021
20th Annual Greater New York Business Expo
September 23, 2021


Paycheck Protection Program Reform Bill Passed - Helping Small Businesses

June 4, 2020

The Senate tonight passed by voice vote a House-passed clearing it for President Donald Trump's signature.

The legislation would give small businesses more time to use emergency loans under the program by extending the eight-week period in which they must use the money to qualify for loan forgiveness to 24 weeks.
The bill would also give small businesses more flexibility by changing the so-called 75/25 rule, which requires recipients of funds under the program to use three-quarters of the money for payroll costs and to limit other costs to no more than 25% in order to be eligible for loan forgiveness. The new ratio would be at least 60% on payroll and no more than 40% on other costs.