Small biz owners now have more time to use their PPP loans

Source: Jeanne Sahadi, CNN Business

The rules small business owners need to follow in order to get their federal loans forgiven were recently made more lenient under the Paycheck Protection Flexibility Act. Treasury released a streamlined forgiveness application form to reflect the rule changes. They also put out an "EZ" form for self-employed borrowers.

Borrowers now will have 24 weeks from the day they get their PPP funds to use them. To qualify for full forgiveness of their loans, borrowers now must allocate at least 60% of their PPP funds for payroll expenses and may use the rest to pay for overhead costs, such as rent, mortgage interest and utilities.

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