Paycheck Protection Plan Changes
The Paycheck Protection Program Flexibility Act of 2020 has amended The CARES Act. The amendment now allows 24 weeks to use proceeds of the loan for qualified forgiveness purposes (some borrowers can still use an 8-week period), an increase in forgivable non-payroll expenditures to 40% of the forgiveness amount, and several other modifications. The June 30, 2020 deadline for applying for a PPP loan has not changed and funds are still available. The Treasury has indicated additional guidance and updated loan forgiveness documents will be released.
U.S. Department of Treasury news releases
DOWNLOAD the loan calculation & data collection spreadsheet.
Additional Information and PPP loan application can be found on the SBA site.