- June 5, 2020
- Posted by: Jamie Nardello
- Category: Blog
Paycheck Protection Program Flexibility Act of 2020 Signed by President Trump
- The 8-week period for PPP loan expenditures can be extended to 24 weeks. All new PPP loans are subject to a 24 week eligibility and forgiveness term.
- The 75% payroll requirement reduced to 60%.
- New deadline to restore the work force – December 31, 2020.
- Reductions in employee headcount that cannot be reversed or result from certain health and safety restrictions may not affect PPP loan forgiveness.
- For any new PPP loans, the minimum loan term for the unforgiven amount will be five years.
- Businesses that have their PPP loans forgiven will no longer be precluded from deferral of payment of certain employer payroll taxes.
Please reach out to your trusted Smolin professional with any questions or concerns: https://www.smolin.com/contact-us/