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House expected to pass legislation making it easier for small businesses to use pandemic relief program

By Nihal Krishan
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House expected to pass legislation making it easier for small businesses to use pandemic relief program

The House of Representatives is expected to pass major changes to the small business pandemic relief program to make it easier for companies to access and use the loans.

The changes will allow small businesses to use their funds over 24 weeks instead of eight, extend the coverage period the money can be applied for and used to Dec. 31 (instead of June 30), and lower the requirement to use funds on payroll from 75% down to 60%.

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CARES Act Congress Government Loans House of Representatives Small Business Administration