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UPCOMING EVENTS Interaction and Networking Reception - Investment Opportunities in Nepal
June 30, 2022
Political Action Commitee Celebration & Special Announcement
June 30, 2022
Online Networking Coffee
July 6, 2022
SBA Financing Programs
July 8, 2022
Open House Networking on Clubhouse
July 11, 2022
21st Annual Greater New York Business Expo
September 23, 2022


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.