(This is an update to an article that appeared last Friday, June 5, that reported the bill had passed the Senate and was awaiting approval by the President).
The U.S. Small Business Administration’s Paycheck Protection Program (PPP) has become more flexible for small business owners, including those that employ physical therapists and occupational therapists. That flexibility was set into motion thanks to a set of changes that expand how PPP funds can be used and extends deadlines for repayment, among other provisions.
The changes, included in a bill dubbed The Paycheck Protection Flexibility Act, were approved by the U.S. House of Representatives in late May, and passed the Senate on June 4. The bill was approved by President Donald J. Trump June 5, which he characterized as an action that will be especially helpful to businesses that have been hit “very hard” by the COVID-19 pandemic.
Among the program’s key revisions:
- Business are allowed to use the money for 6 months instead of 2 months
- Companies now have until June 30 to rehire employees.