House Democrats , $3 trillion "CARES 2" phase four economic relief package

House Democrats on May 12 unveiled a 1,815-page, $3 trillion "CARES 2" phase four economic relief package. Senate Republicans have criticized the measure as a "partisan wish list," saying that it will be DOA in the upper chamber.

Some key provisions related to the PPP and being discussed in DC:

✔ Extension of the 8-week covered period to 24 weeks and extends the covered period from June 30 to December 31.

✔ Elimination of the 75/25 rule on use of loan proceeds.

✔ Creation of a safe harbor for borrowers who cannot rehire in the prescribed time-frame.

✔ Extension of the Employee Retention Credit to PPP borrower without limitation.

✔ Extension of the eligibility to all nonprofits of all sizes.

✔ Extension of the minimum maturity on PPP loans to 5 years.

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