Breaking News: Paycheck Protection Program (PPP) Loan Terms Updated
Great news! Thanks to action by Congress on June 3, small business owners now have more flexibility in using their PPP loan. NFIB’s upcoming webinar will focus on the new Paycheck Protection Flexibility Act H.R. 7010 and what it means for your business.
The new PPP law:
- Lengthens the loan forgiveness period from eight weeks to 24 weeks.
- Lowers the amount of PPP funds that must be spent on payroll from 75% to 60% and allows 40% for other qualifying expenses.
- Delays employer payroll tax payments through the end of 2020.
- Exempts borrowers from the FTE loan forgiveness reduction if borrowers are unable to return to the same level of business activity as before Feb. 15th due to Covid-19.