House passes legislation to give small businesses more flexibility with PPP loans

By Megan HenneyFOXBusiness

Lawmakers approved the legislation in a nearly unanimous 417-1 vote.

Loan recipients would only have to spend 60 percent of the aid on maintaining payroll — including salary, health insurance, leave and severance pay —  rather than the current 75 percent rule (plus they would no longer have to rehire workers by June 30). The remaining 40 percent could go toward operating costs like rent and utilities

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