The House has passed a bill that makes the requirements concerning small-business loans less stringent. This was due to the concerns from businesses trying to avoid closing their doors during the COVID-19 crisis. Below, you can find more details on the bill and reveal alternative merchant loans in the U.S.
House’s Bill on Small Business Loans
The bill approved by the House has made the level of Paycheck Protection Program (PPP) funds for payroll 60% from the previous 75%. Borrowers can have up to 24 weeks (from the previous 8) to use the funds. December 31 is the deadline for rehiring employees.
Under this bill, the rules are less stringent: borrowers have more time to spend the funds and make larger expenses and still be eligible for loan forgiveness. The bill was passed in a 417-1 vote.
More on Merchant Loans
According to a minority leader, businesses can no longer wait: they’re in a difficult situation and need this type of changes. Now, the bill enables business owners to enjoy greater flexibility about using the borrowed funds.
What if you can’t qualify for the government-backed loans, or there’s another reason why they aren’t the best fit for your business? No worries. You can apply to alternative sources like a reliable alternative online lender in your field that can provide you the most suitable merchant loans for your own financial needs.
Thanks to a trustworthy alternative business funding provider, you can enjoy the safest and cheapest financing to take your business out of this difficult situation.
In these challenging times, the Paycheck Protection Program appeared as a great source for merchants to rely on. It emerged to help business owners avoid closing their doors and stay afloat during the COVID-19 crisis. As of May 23, the government issued over 4.4 million loans with a total valuation of over $500 billion.
To wrap things up, the Senate has given its approval to a new bill developed for making the restrictions on emergency small business loans less strict. If these loans aren’t the best fit for your business, consider applying to a respectable alternative online lender that specializes in your field.
Author Bio: Michael Hollis is a Detroit native who now lives in Los Angeles. He is an account executive who has helped hundreds of business owners with their merchant loans solutions. He’s experimented with various occupations: computer programming, dog-training, scientificating… But his favorite job is the one he’s now doing full time — providing business funding for hard working business owners across the country.