Congresswoman Elaine Luria announced Friday that the rules have been changed to allow seasonal businesses to access PPP loans.
The PPP provides loans to small businesses that have been harmed by the coronavirus pandemic. Loans under this program may be used to cover payroll costs, healthcare benefits, mortgage interest payments, rent, utilities, and other interest payments. Under the CARES Act, the cost of eight weeks of payroll and operating expenses can be fully forgiven from a PPP loan provided criteria are met.
Previously, businesses could only base the size of their PPP loan off revenues from late winter and spring.
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Elaine Luria is a retired member of the US Navy. Use of her military rank, job titles, and photographs in uniform does not imply endorsement by the US Navy or the Department of Defense.
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