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Newburg Update for 5/21/2020 – Potential PPP Flexibility Might Be on the Horizon

May 22, 2020 Uncategorized Comments Off on Newburg Update for 5/21/2020 – Potential PPP Flexibility Might Be on the Horizon

The House is looking to put to vote a stand-alone bill entitled the Paycheck Protection Program Flexibility Act. There appears to be early bipartisan support for the bill within the Senate and among the President’s administration.

Some of the proposed changes include the following:

  • Ease or eliminate restrictions on limiting “non-payroll expenses” to 25% of loan proceeds
  • Expand forgiveness beyond the current eight-week spend period
  • Expand loan terms beyond the current two-year time-frame
  • Changes to the rehiring deadline to offset the impact of enhanced Unemployment Insurance
  • Allow for payroll tax deferment in tandem with taking PPP loans

Voting on the proposed bill is expected to commence next week.

We continue to monitor these important changes on a daily basis and will keep you informed.

See below for a direct link to the PPP Loan Forgiveness Application

https://home.treasury.gov/system/files/136/3245-0407-SBA-Form-3508-PPP-Forgiveness-Application.pdf

 

Visit our COVID-19 page for more information:

https://www.newburg.com/covid-19/

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