Alerts6.8.20
Paycheck Protection Program Flexibility Act Signed Into Law, Plus Additional Guidance Issued
Highlights
Congress approved the Paycheck Protection Program Flexibility Act to extend the covered period in which to use PPP loans and be eligible for forgiveness from eight weeks to 24 weeks
Also addresses rehiring employees and attempting to fill vacant positions, minimum required percentage to be spent on payroll costs, and PPP loan payment deferral periods
IRS guidance results in PPP-related expenses not being eligible to be deducted on borrower’s income tax return
On June 5, President Trump signed into law the Paycheck Protection Program Flexibility Act of 2020 that amends the CARES Act and eases rules on how and when small businesses can use loans and still be eligible for forgiveness.
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