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Small Businesses: A Paycheck Protection Program Loan Forgiveness Update (Virtual)
June 30, 2020 @ 2:00 pm - 3:00 pm Eastern
The ongoing series of updates to the Paycheck Protection Program kicked off earlier this month with the SBA’s passage of the Paycheck Protection Program Flexibility Act of 2020 on June 5. The Flexibility Act
- extended the coverage period for PPP loans to cover costs from 8 to 24 weeks
- lengthened the time that small businesses have to rehire employees
- increased the amount of non-payroll costs eligible for forgiveness, and
- extended the amount of time to repay the loans from 2 to 5 years
Additionally, among other changes, the SBA released updated applications for loans and loan forgiveness, and released a new EZ application for self-employed borrowers, those without employees, and others who meet certain requirements.
In this environment of constant change, CBM Senior Vice President John Comunale and Tax Supervisor Tom Hudson have scheduled a virtual update on Tuesday, June 30, from 2 pm to 3 pm, on Paycheck Protection Program loan forgiveness to bring small businesses up to speed on recent developments.
Click here to view a video recording of the presentation on YouTube.