President Donald Trump on Friday signed into law legislation designed to make it easier for millions of small businesses to avoid being stuck with debt after taking government-backed loans during the pandemic.
Trump signed the legislation at a White House event in which he lauded the Labor Department report earlier today that the unemployment rate unexpectedly dropped in May and the economy added more than 2 million jobs. A top concern for Senate Small Business Chair Marco Rubio and Sen. Susan Collins is the way the bill, which originated in the House, would try to give businesses more flexibility to spend money on non-payroll expenses. It lowers the amount that must be spent on payroll to achieve loan forgiveness to 60 percent from 75 percent.