Given how much the pandemic has hammered small businesses, three big changes to the Paycheck Protection Program are likely to come as a welcome relief.
The Covid relief package passed by Congress earlier this week allocates an additional $284.45 billion in lending to eligible businesses.
The bill, which President Trump has not yet signed into law, now makes it possible for a business owner to get a second forgivable PPP loan and imposes fewer restrictions on how the loan may be used. It also relaxes requirements to have small loans forgiven. And it lets businesses deduct the expenses that their PPP loans paid for.