How PPP Loan Changes Make Rehiring Much Easier

by Evil HR Lady on June 6, 2020

President Trump on Friday signed a Paycheck Protection Program reform bill into law–and with it just gave millions of businesses some extra time to bulk up on staff. 

Approval of the Paycheck Protection Flexibility Act, which unravels many of the PPP’s more onerous restrictions, should make it easier for small business owners to turn the loan into a grant that they don’t have to repay.

Importantly, it gives businesses 24 weeks instead of eight to use the money, and reduces the requirement that they spend 75 percent on payroll down to 60 percent on payroll. That’s good news for businesses. Here’s why.

To keep reading, click here: How PPP Loan Changes Make Rehiring Much Easier

{ 1 comment… read it below or add one }

grannybunny June 8, 2020 at 1:49 pm

A lot of employees are unable to return to work yet — due to child care unavailability, for example — or are afraid to due to the fact that there is still no effective treatment or vaccine for COVID-19. Employers having a problem meeting even the reduced 60% threshold for payroll should seriously consider converting the unpaid furloughs for employees they want back to temporary paid leave, at least until, say, schools reopen.

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