Small biz owners just got more time to use their PPP loans. Here’s what else you need to know

More time to spend the money: Instead of eight weeks, borrowers now will have 24 weeks from the day they get their PPP funds to use them.

Less money must be dedicated to payroll: To qualify for full forgiveness of their loans, borrowers now must allocate at least 60% of their PPP funds for payroll expenses and may use the rest to pay for overhead costs such as rent, mortgage interest and utilities.

More time to rehire staff: To qualify for full forgiveness under the old rules, business owners have to maintain the average number of employees they had on staff as of Feb. 15 by Dec. 31.

More time to repay: Under the old rules, any portion of the loan that was not forgiven had to be paid back within two years. That has been extended to five years for loans made on or after June 5.