U.S. Senate Majority Leader Mitch McConnell is applauding Senate passage of legislation providing additional flexibility to the Paycheck Protection Program (PPP).
The legislation which is a part of the Coronavirus, Aid, Relief and Economic Security (CARES) Act is helping businesses make ends meet by keeping employees on the payroll. The aid has helped more than 45,000 small businesses, farmers, and certain nonprofits in Kentucky giving them access to loans totaling over $5 billion.
The legislation which passed the Senate earlier this week was signed into law by President Donald Trump Friday. It will increase the loan forgiveness period from eight to 24 weeks and reduces the payroll requirement from 75% to 60%. Additionally, it raises the loan repayment period from two to five years and extends the June 30th rehiring deadline.
