Restrictions Loosened on Small Business Loan Recipients

Bipartisan legislation giving small business owners who tapped a federal aid program more flexibility in how they spend the loans was signed into law on Friday. The Paycheck Protection Program (PPP), a centerpiece of the $2.2 trillion CARES Act, provided forgivable loans of up to $10 million to businesses with fewer than 500 workers.

The revisions in the new law eases restrictions on how the money must be spent in order to be forgiven. To read an article from NAR about the effects of the law, click here..