If the U.S. House of Representatives approves the extension as expected, it could help small business owners tap into the remaining $130 billion in PPP funds available to help maintain payrolls and staff headcount. Considered a lifeline for small businesses, the PPP has morphed multiple times since its inception as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Under the current rules, a small business owner can use 60% of their PPP funds on payroll— and they have up to 24 weeks to do so until Dec. 31. Lawmakers Debate Next Steps as Businesses Continue to StruggleA hesitation to apply however doesn’t mean small businesses don’t need help. Talks have stalled when it comes to the next round of negotiations over future small business aid.

Source: Forbes July 01, 2020 17:15 UTC