The U.S. Chamber of Commerce has released a Guide to PPP Loan Forgiveness. This guide reflects recent substantive changes made by Congress and the administration to the PPP program to provide borrowers with more flexibility.
TRUMP SIGNS PAYCHECK PROTECTION PROGRAM FLEXIBILITY ACT
On June 5th, President Trump signed the Paycheck Protection Program Flexibility Act, which addresses concerns of the PPP, including:
-changing the amount of loan needed for payroll to 60%
-extending time period to use funds from 8 to 24 weeks
-pushing back June 30 deadline to rehire workers to December 31, 2020
-easing rehiring requirements
-extending repayment terms from 2 years to 5 years
You can read the related Forbes article here.
The U.S. Small Business Administration’s Paycheck Protection Program page can be found here; you can find the SBA’s list of lenders participating in the Paycheck Protection Program here.
On May 20, 2020, the U.S. Chamber published a new Paycheck Protection Program Guide to Forgiveness. Please click here for the guide, which will be updated as new guidance is issued by the Dept. of the Treasury.
The U.S. Small Business Administration (SBA) issued an Interim Final Rule with respect to the Paycheck Protection Program (PPP) loan. In this rule, the SBA confirmed that the PPP loan applications will be processed on a first-come, first-served basis. We encourage you to contact your lender and submit an application at your earliest convenience if you plan on participating in this loan program. Please note that the Interim Final Rule also increased the previously publicized interest rate on the loan from .5% to 1.0%.
The U.S. Department of Treasury issued additional guidance regarding the Paycheck Protection Program. Links to the resources provided by Treasury can be found below, or on their webpage.
Their FAQ was released April 8.
– A top-line overview of the program can be found here.
– If you’re a lender, more information can be found here.
– If you’re a borrower, more information can be found here.
– The application for borrowers can be found here.
On April 3, U.S. Chamber of Commerce’s Nick Vaugh, Senior Manager, Eastern Region provided a summary of the CARES Act legislation and shared details about how small businesses and self-employed individuals may qualify and prepare to file for a loan through the Paycheck Protection Program. View the recorded webinar here.