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#PPP has plenty of money for small businesses and program enhancements, but deadline to apply is June 30!
Paycheck protection program, PPP
On Friday, June 5th the President signed the Paycheck Protection Program Flexibility Act of 2020 (H.R. 7010), which made several enhancements to the very successful Paycheck Protection Program. About $130 billion remains to be loaned, but, small businesses must contact a lender and apply by June 30.
Here are a few of the enhancements made to the PPP in H.R. 7010.
Extends the maturity for loans made on or after June 5, 2020 from two years to five years.
Extends the covered period from June 30, 2020 to December 31, 2020 for forgiveness of PPP loans.
Extends the covered period for the use of loan proceeds from eight weeks to 24 weeks.
Provides a safe harbor for small businesses from the rehire requirements if the business owner can document their inability to hire employees for unfilled positions by December 31, 2020 or their inability to return to the same level of business activity because of federal COVID requirements pertaining to social distancing, sanitation, and worker safety.
Allows borrowers to use 60 percent of the loan amount for payroll costs and up to 40 percent for debt obligations, including interest on a mortgage, rent payment, or utility payment.
Extends the deferment period for loans retroactively until the amount of forgiveness is remitted to the borrower by the lender (the deferment period ends for all borrowers 10 months after the end of the covered period).
Delays the payment of employer payroll taxes until January 1, 2021 for PPP borrowers.
For additional resources and a list of lenders participating in the Paycheck Protection Program, visit www.sba.gov/PPP.
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