The Small Business Administration and Treasury Department have released updated Paycheck Protection Program documents based on changes made by the Paycheck Protection Program Flexibility Act (H.R. 7010) enacted into law June 5.
These changes include extending the current eight-week covered period to 24 weeks that businesses can use the funds and restore laid-off employees to qualify for loan forgiveness; extending the PPP program deadline through Dec. 31; changing the 75% payroll costs/25% non-payroll costs rule regarding how loan proceeds must be used to qualify for forgiveness to 60%/40%; and extending the term of the loan repayment on funds not forgiven from two years to five years.
The Interim Final Rule on Revisions to First Interim Final Rule released accounts for revisions made to the program by the Paycheck Protection Program Flexibility Act; view the rule. Additional revisions based on the Paycheck Protection Program Flexibility Act regarding the conviction status of borrowers can be found here.
View the updated borrower application form revised June 12 based on changes made by the Paycheck Protection Program Flexibility Act.
If you are interested in applying for a PPP loan, speak with your financial professional and/or visit the Treasury Department’s website to learn more.
