Could Be More PPP Changes Coming - Paycheck Protection Flexibility Act05/22/2020
The House is expected to vote next week on the Paycheck Protection Flexibility Act, a bipartisan bill. The bill would make the following changes to Paycheck Protection Program loans:
- Allow forgiveness for expenses beyond the eight-week covered period. This would help businesses that are prohibited from opening their doors, or those that will only be allowed to open with restrictions.
- Eliminate restrictions limiting non-payroll expenses to 25% of loan proceeds.
- Eliminate restrictions that limit loan terms to two years.
- Allow businesses that take PPP loans to also take payroll tax deferrals.
- Extend the June 30th rehiring deadline to offset the effect of enhanced Unemployment Insurance.
View the PPP Loan Guidance.
For more information on this bill, or on PPP loan forgiveness, contact Michael Ceschini, Managing Member, at (631) 474-9400.