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