President signs law allowing flexibility for small business loan program

Published: Jun. 5, 2020 at 8:54 PM EDT
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Before President Trump headed to Maine Friday morning, he signed into law bipartisan legislation to help small business owners.

The Paycheck Protection Flexibility Act was cosponsored by Senator Angus King.

It's an amendment to the PPP loan program approved earlier this year.

The new law extends the loan forgiveness period for a business owner from 8 weeks to 24 weeks.

The amount that can be used on non-payroll expenses has also been increased.

At the signing, President Trump said, "It's going to be a tremendous incentive for businesses and also a great incentive and to me most importantly to the workers."

Senator King say the legislation loosens restrictions on small businesses that are already facing challenges.

It also gives owners more ability to decide how to best use the money to fit their circumstances.