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House to Vote Soon on PPP Overhaul
USAgNet - 05/26/2020

House Speaker Nancy Pelosi (D-Calif.) plans to schedule a vote this week on legislation that would overhaul the Payroll Protection Program (PPP), the Small Business Administration (SBA)-backed loans designed to help small businesses affected by COVID-19.

The bill, by Reps. Dean Phillips (D-Minn.) and Chip Roy (R-Texas), would provide businesses with greater flexibility in how they use the PPP funds and still have their loans forgiven. It would expand the amount of time businesses have to spend the money from eight to 24 weeks and eliminate a requirement that businesses need to spend at least 75 percent of the funds on payroll if they want the full loan amount to be forgiven.

The PPP still limits businesses to fewer than 500 employees. NPPC continues to advocate for small and mid-sized hog farms to receive an exemption on the number of employees to ensure they qualify to be eligible for the PPP.


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