More PPP Updates!

More PPP Updates:

New Forgiveness Application:

A new application to apply for loan forgiveness became available on June 16th. There is also an EZ Loan Forgiveness Application.

Payroll Costs % Decrease

Only 60% of loan proceeds must be used for payroll costs versus 75% with previously issued rules.

Maturity Date

Loans issues prior to June 5th have a maturity of 2 years, and loans issued after June 5th have a maturity of 5 years. I guess it doesn’t pay to be early sometimes!

Payroll Period

For loans received before June 5th, you can calculate eligible payroll costs using a 24 week period or elect an 8 week period. If you received loan proceeds after June 5th then use the 24 week period.

 

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