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Paycheck Protection Program Flexibility Act

Video Credit: KIMT - Published
Paycheck Protection Program Flexibility Act

Paycheck Protection Program Flexibility Act

The act extends the time frame of eligible expenses from eight weeks to 24-weeks or until the end of the year.

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Benefit from and implement long?

"*term.

Today president trump signed the paycheck protection program flexibility act..

So what does the mean for local businesses?

Kimt new three's jessica bringe spoke with the rochester chamber of commerce..

She joins us live from downtown rochester to explain.

Jessica.

Live amy ?

"* what this new bill does is give small businesses.

Like here in downtown rochester..

More flexibility when it comes to how they can use the p?

"*p*p funds.

The act extends the time frame of eligible expenses from eight weeks to 24?

"*weeks or until the end of the year.

It increases the loan repayment term from two years..

Up to five years.

And it also reduces the percentage of funds that must be spent on payroll from 75?

"* percent to sixty percent.

That means businesses can use it other expenses besides payroll.

The rochester area chamber of commerce says this bill will make a significant difference to local businesses.

<many of the small businesses in our community are very pleased.

Some of whom talk to me and say my funds are going to run out on monday.

This is really happening just in time and will make a big difference.> you can find a full text of the bill and its provisions on kimt?

"*dot?

"*co live in rochester?

"* jessica bringe kimt news 3 thank you jessica.

The chamber also plans to host a webinar in the near future to review the bill and what




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