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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