Changes to payroll protection program

How does this impact Rochester businesses?

Not./// the paycheck protection program was designed to help businesses keep their workers on the payroll during the pandemic.

But some business owners had issues with the rules of the legislation.

Four days ago, president trump signed a law that would clear some of that up.

Kimt news 3's nick kruszalnicki has a breakdown of the changes to p?

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He joins us live f mason city.

Nick?

Yes amy ?

"* just a little while ago i sat in on a webinar with the rochester area chamber of commerce that explained the changes that are coming to the paycheck protection program.

Most of the changes involved relaxing some of the restrictions with p?

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Of those fixes will allow business owners to spend 40 percent of their p?

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"*p mo on operating expenses.

The new law also creates more breathing room to spend those funds ?

"* from eight weeks to 4 weeks.

When it comes to hiring back furloughed workers ?

"* employers now have until december 31st instead of june 30th to do that.

Chamber president kathleen harrington says if it wasn't for the voices of small business owners ?

"* these congratulatio ns goes to all of you for the collective advocacy that's been done to help the congress understand the need for the changes that you will hear about today.

For proprieters that will end up having to pay back some of their p?

"*p?

"*p loan, there's good news.

The repayment term has changed from two to five years.

Live in mason city, nick kruszalnicki, kimt news 3./// thank you nick.

Support for the paycheck protection program flexibility act was nearly unanimous in the house.

The bill passed with only one 'no' vote./// let's get a quick look at the