PPP Flexibility Act – June 4th Update
COVID-19, PPP Loan

GOOD NEWS FROM THE GOVERNMENT:  PPP LOAN FORGIVENESS FLEXIBILITY IS ON THE WAY!

Congress came together and passed an update to the Paycheck Protection Program that will make the program a little easier to navigate. Assuming it is signed by the President, the new legislation will help small businesses maximize the use of the funds they’ve been granted. There is still accountability, but it is hoped that the program will grant a bit more flexibility than was initially allowed. 

If you haven’t yet received a PPP loan, you can STILL apply. THE DEADLINE TO APPLY FOR A NEW LOAN IS JUNE 30TH.

Here’s how the new PPP Flexibility Act changes PPP Loan Forgiveness:

  • Extends the forgiveness period for expenses to 24 weeks (formerly just 8 weeks)
  • Extends rehiring deadline
  • Decreases former payroll spend requirement from 75% down to 60%, freeing monies for other expenses
  • Extends program through December 31
  • Extends loan terms from two (2) to five (5) years
  • Payroll tax deferment for businesses that received PPP loans

You can find the full text of the PPP Flexibility Act as passed by the Senate on June 3, 2020 by clicking this link: https://www.congress.gov/bill/116th-congress/house-bill/7010/text

If your business needs help maximizing forgiveness of your PPP loan and navigating the new flexibility provisions (assuming the President signs the Act into law), Thrive Law is here to help you leverage this law to make and keep more money. Feel free to call or email so we can talk about how we can help: 1-727-300-1990 or hello@thrivelaw.com

Information provided on this website does not constitute a lawyer-client relationship and is strictly for educational purposes.