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Updates on the Payment Protection Program (PPP)

Monday, June 29, 2020   (0 Comments)
Posted by: Leah Konieczka
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(Sent on Behalf of the AANP)

Beth Martin | Executive Director


Recently signed into law,the PPP Flexibility Acthas a few significant changes making it easier for small businesses to use the funds and qualify for forgiveness. The changes will:

  •  Extend the timeline for using funds to Dec. 31, making it much easier for businesses that may not have opened yet or have lowered payroll costs right now.
  •  Allow lenders to extend the loan term to 5 years.
  •  Remove the forgiveness penalty if employees can’t be rehired or replaced.
  •  Changes the amount that must be used for payroll to qualify for forgivenessfrom 75% of total funds to 60% of total loan amount.
  •  Allow borrowers to get PPP forgiveness and the Payroll Tax deferral.
  •  Allow business owners touse the funds for rent or mortgage payments as well as utility bills.

To apply for a PPP Loan, please use the most up to date forms linked below. Please note, the SBA will stop approving loans on June 30.

FULL LOAN FORGIVENESS APPLICATION

EZ LOAN FORGIVENESS APPLICATION


 


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