Approved this week, extends business payroll tax deferrals to PPP recipients too.... adds much needed flexibility:
You now have 24 weeks to spend your funds, up from eight weeks .
You need to spend 60% of the loan on payroll, down from 75%.
The covered period of the loan now ends Dec. 31 instead of June 30.
You won’t have to make employer payroll tax payments through the end of 2020.
Your business will not lose any loan forgiveness eligibility if you can show that some employees declined to return to their jobs or the pre-pandemic headcount is no longer required.
The payback period for new loan applicants has been extended from two years to a minimum of five for those not seeking or who are ineligible for forgiveness.
If your small business won some of the billions of dollars in Paycheck Protection Program (PPP) loans, you now have longer to spend the money. @robinsaks has 6 ways the new Paycheck Protection Flexibility Act law attempts to make using PPP loans easier. https://t.co/F5spFd2ynm
— Forbes Advisor (@ForbesAdvisor) June 5, 2020
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