How does the NEW Paycheck Protection Program “Flexibility Act” (PPPFA) signed by TRUMP on June 5th affect my Loan Forgiveness?
How does the NEW Paycheck Protection Program “Flexibility Act” (PPPFA) signed by TRUMP on June 5th affect my Loan Forgiveness?
Here's a recording of our webinar where we spoke with Wilfrid Baptiste from Financial Blind Spot.
We addressed the 4 most common questions out there today:
- The 75/25 ratio is now 60/40 but the new bill's language appears to create a cliff (meaning that borrowers must spend at least 60% on payroll or none of the loan will be forgiven.
- Unforgiven loan balances can be carried over 5 years (instead of 2 years)
- The 8-week period can be extended to 24 weeks
- The deadline to rehire workers and restore FTE headcount is now 12/31/2020