Paycheck Protection Program News

Update as of 11/2/2020 we’ve got some news on the forgiveness process that we’d like to share with you.

Paycheck Protection Program Forgiveness News

 

Paycheck Protection Program News

Procrastinators rejoice…

The Paycheck Protection Program loan, slated to end on June 30, will now accept applications until Aug. 8, thanks to a last-minute bill passed by Congress at the end of June.

The PPP was created to help business keep their employees on payroll during the COVID-19 pandemic. The loan may be forgiven if the business is able to meet the terms of agreement.

According to the Journal of Accountancy, by the end of June, the Small Business Administration had approved nearly 4.9 million loans totaling more than $520 billion. About $130 billion of the funds remain unused.

What else is new-ish…

At the beginning of June the Paycheck Protection Program Flexibility Act of 2020 was passed.  This Act updated the terms of the coverage period for the PPP loan from February 15th 2020 to December 31st 2020. The Paycheck Protection Program Flexibility Act of 2020 also updated the coverage period to use the loan from 8 weeks to 24 weeks. The covered period to use the loan depends on when you applied for the loan. Another key change is the spend amount for forgiveness. Previously, 75% of the cost had to go to payroll. Now 60% can be used for payroll and 40% can go toward mortgage obligations, covered rent, or covered utility payment. For more information please about the Paycheck Protection Plan Flexibility Act please read H.R. 7010.

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