The latest PPP forgiveness changes
- Kathryn Bruns, CPA
- Jun 9, 2020
- 1 min read
Yes, here I am again, sorry if you are TIRED of hearing about the PPP. For those that have received it, it is critical that you keep up with it...and I want to help you do that. Here are the key takeaways:
The PPP Flexibility Act amends the Paycheck Protection Program to give borrowers more time to spend loan funds and still obtain forgiveness. Borrowers now have 24 weeks to spend loan proceeds, up from 8 weeks.
The Act also reduces mandatory payroll spending from 75% to 60%.
Two new exceptions let borrowers obtain full forgiveness even without fully restoring their workforce.
Time to pay off the loan has been extended to five years from the original two.
The Act now lets businesses delay paying payroll taxes even if they took a PPP loan.
Do you know what this all means for you and your PPP forgiveness application? If not, please give me a call. Free funds right now are too good of a gift to lose.
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