In an article for Forbes, Alan Gassman outlined the measures laid out in House Bill H.R. 7010 to ease the rules governing PPP loan forgiveness. The Bill, which the Senate passed on June 3, extended the time frame by which PPP loan borrowers must spend the monies to qualify for full forgiveness on their loans from 8 weeks to 24 weeks.
The Bill also reduced the required loan amount spent on payroll, health care, and retirement plan expenses to qualify for loan forgiveness from 75% to 60%. Additionally, the Bill moved the “amnesty rehire date”—the date by which PPP loan borrowers must hire or rehire the same number of employees maintained prior to the global COVID-19 pandemic—from June 30 to December 31, as well as listed out the exceptions to this provision.