Vending

House approves bill to loosen PPP loan requirements

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May 29, 2020

The U.S. House of Representatives approved a bill designed to loosen requirements on hundreds of billions of dollars in small-business loans to help companies stay open during the coronavirus pandemic, according to a report in The Wall Street Journal.

The bill reduces the amount of Paycheck Protection Program funds needed for payroll to 60% from 75% and gives borrowers up to 24 weeks to use the funds versus the eight required in the initial bill passed in March. It also extends the deadline to rehire workers to Dec. 31.

The bill now goes to the Senate.

For an update on how the coronavirus has affected the kiosk industry, click here.