Jun 4, 2020, 12:47 PM
(from the Hill) Late on Wednesday, June 3, 2020, the U.S. Senate passed legislation to provide more flexibility for the Paycheck Protection Program (PPP), which provides help for small businesses amid the steep economic impact of the coronavirus. It has already passed the U.S. House of Representatives, and needs to be signed by President Trump before it becomes law. When the March CARES Act was passed, businesses were given eight weeks to spend PPP funds. The new bill would extend that period to 24 weeks. The March law also required businesses to spend 75% of the loan on payroll and 25% on other fixed costs such as rent and utilities, whereas the new bill would change the ratio to 60-40.
Related content
Regulatory Update: CARES Act
(from NPR) Two weeks after Israel fully reopened schools, a COVID-19 outbreak sweeping through classrooms — including at least 130 cases at a single school — has led officials to close dozens of schools where students and staff were infected. A new policy orders any school where a virus case emerges to close. It's an abrupt reversal of the post-pandemic spirit in Israel as officials lifted most remaining coronavirus restrictions last week. Health officials said they're investigating how the virus spread in the most impacted school.
Listen to the latest episode of the Net Assets podcast.
