The U.S. House of Representatives voted overwhelmingly on Thursday, May 28 to pass a bill aimed at making it easier for small businesses to utilize funds received under the Paycheck Protection Program (PPP). The stimulus was established as part of the CARES Act in response to the COVID-19 crisis. To date, more than 4.4 million PPP loans have been distributed by Small Business Administration-affiliated lenders, at a value of more than $500 billion. The bill, titled the Paycheck Protection Program Flexibility Act, would revise a number of provisions of the PPP that have been cited as burdensome by business owners and organizations, including the period for forgiveness of PPP loans and the portion of PPP loans that must be applied to payroll expenses. Though it passed the House 417 to 1, the bill faces an uncertain future in the Senate.

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