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Senate Passes House Bill H.R. 7010
- Lower to 60% from 75% the minimum portion of the PPP loan that must be spent on payroll. The rest must be spent on rent, utilities and other business-related expenses.
- Extend from 8 to 24 weeks the amount of time the loan can cover.
- Extend from two to five years the time new PPP loans must be paid back if the amount provided doesn't convert into a grant.