VGM & ASSOCIATESHealthcare MSO
Full Menu Search

Big Changes to the Paycheck Protection Program Heading to the President for Signing

Published in Government Relations on June 04, 2020

The bill that was passed by the House last week that would make significant changes to the Paycheck Protection Program has now passed the Senate as well. It will now go to President Trump for signature. If the bill is signed in its current state, PPP loan recipients will now have nearly 6 months (24 weeks) to utilize the funds they receive, which is three times longer than the 8 weeks they initially had to spend the money in order to qualify for loan forgiveness. Recipients will also only have to spend 60% of the funds on payroll expenses (the initial requirement was 75%), and can use the other 40% on non-payroll expenses such as rent, utilities, and mortgage interest. The bill also calls for an extension for employers to rehire workers that were laid off, more time to repay the loans, and payroll tax deferment for loan recipients.

PPP Chart

TAGS

  1. covid-19
  2. paycheck protection program
  3. vgm government

Get Connected

Stay up-to-date on the latest resources and news provided by VGM & Associates.

Sign Up for Email

From Our Experts

Rep Mariannette Miller-Meeks Introduces The Veterans Supporting Prosthetics Opportunities and Recreational Therapy (“SPORT”) Act thumbnail Rep Mariannette Miller-Meeks Introduces The Veterans Supporting Prosthetics Opportunities and Recreational Therapy (“SPORT”) Act Rep. Mariannette Miller-Meeks (R-Iowa), who, along with proving to be a champion of DMEPOS related legislation, serves as chair on the House Veterans Affairs Subcommittee on Health. Recently she introduced H.R. 9478, The Veterans Supporting Prosthetics Opportunities and Recreational Therapy (“SPORT”) Act. Congress Passes, President Signs Continuing Resolution thumbnail Congress Passes, President Signs Continuing Resolution As you know by now, Congress passed a Continuing Resolution (CR) to keep the government operating for another three months. Signed by President Joe Biden, this resolution will only fund critical government operations through March 31, 2025. Breaking: Year-End Package Update thumbnail Breaking: Year-End Package Update As lawmakers race to avert a government shutdown ahead of this Friday's deadline, we have learned that the provision to reinstate and extend the 75/25 blended rate will not be included in the proposed continuing resolution that is expected to fund the federal government until March 14, 2025. Despite exhaustive bipartisan efforts from all reaches of the HME community, including providers and stakeholders, there was not enough support to get it included in the package. CMS Releases CPI-U Adjustments For DMEPOS In 2025 And Fee Schedule Q1 thumbnail CMS Releases CPI-U Adjustments For DMEPOS In 2025 And Fee Schedule Q1 The Centers for Medicare & Medicaid Services (CMS) has released the Consumer Price Index for All Urban Consumers (CPI-U) adjustments for the Calendar Year 2025 Durable Medical Equipment, Prosthetics, Orthotics, and Supplies (DMEPOS) fee schedule. BREAKING – Rep. Guthrie Tapped To Lead Energy And Commerce Committee thumbnail BREAKING – Rep. Guthrie Tapped To Lead Energy And Commerce Committee The House Republican Steering Committee recommended Rep. Brett Guthrie (R-KY) on Monday to be the next chairman of the Energy And Commerce Committee. The Energy And Commerce Committee has jurisdiction over a broad range of policy issues and federal departments, including healthcare, the Department Of Energy, the Food And Drug Administration, and more. Guthrie has sat on five of the panel's six subcommittees and is chair of its health subcommittee. Action Needed: Support DME Legislation As The 118th Congress Concludes thumbnail Action Needed: Support DME Legislation As The 118th Congress Concludes As the 118th Congress draws to a close, we urgently need your help. Congressional negotiations are currently underway to determine the scope of end-of-year health and budget legislation. We are optimistic that the DME Legislation (H.R. 5555 and S. 1294) will be included in the final legislative package, but your support is crucial to ensure this happens! Champions of Change: Choice Medical thumbnail Champions of Change: Choice Medical We are proud to recognize two HME suppliers and VGM members who have recently taken the initiative to engage with their legislators and staff members. Sen. Thune Lands Senate Majority Leader Role While Support for H.R.5555 and S.1294 Continues thumbnail Sen. Thune Lands Senate Majority Leader Role While Support for H.R.5555 and S.1294 Continues In a significant development, Sen. John Thune (R-SD) has been chosen as the new Senate Majority Leader while support continues for H.R.5555 and S.1294.

Be Part of Something Bigger

Become a Member