Paycheck Protection Program Flexibility Act: What You Need to Know
On June 5, the Paycheck Protection Program Flexibility Act of 2020 was signed into law. The new law significantly changes the Paycheck Protection Program (PPP) by giving borrowers more time to use funds, extending the time to satisfy safe harbors, relaxing payroll requirements, and more.
On Friday, June 12, we held a webinar discussion on key changes to PPP loan forgiveness, including:
- Extending the loan repayment period from two to five years
- Extending the covered period borrowers have to use the funds from eight weeks to 24 weeks, or Dec. 31, 2020 (whichever is earlier)
- Allowing borrowers who receive loan forgiveness to also defer payroll taxes
- Reducing the amount forgiven required to be spent on payroll from 75% to 60%
- Pushing back the rehire date from June 30 to Dec. 31, 2020
- Other key details to know about loan forgiveness
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