Updated PPP Forgiveness Guide - 6/18/20
June 18, 2020
The folks at the US Chamber have released a new - updated - guide designed to help businesses and organizations sort through the newly approved expansions aimed at forgiveness on their Paycheck Protection Program loans.
This guide reflects recent substantive changes made by Congress and the administration to the PPP program to provide borrowers with more flexibility. These changes include:
Extending the time to spend PPP funds from 8 weeks to 24 weeks;
Lowering the amount that must be spent on payroll from 75% to 60%;
Extending the deadline to restore FTEs and payroll from June 30, 2020 to Dec. 31, 2020; and
Setting the repayment term for loans made after June 4, 2020 at five years.
Joel Miller, Executive Director