LEARN HOW THE NEWLY PASSED PPP LAW EXTENDS 8-WEEK PERIOD AND REDUCES PERCENT PAYROLL COST RULE8/20/2020 Congress recently passed the Paycheck Protection Flexibility Act of 2020 and modifies the Paycheck Protection Program (PPPP) for many small-business loans. Importantly, the bill enhances the PPP by increasing two key timelines small businesses can us PPP loan funds. First, PPP loan forgiveness is increased from eight weeks to twenty-four weeks. Second, the PPP loan percent payroll cost rule is reduced from 75 percent to 60 percent. President Trump is expected to sign the bill immediately, and the SBA and Treasury will be tasked to update its regulations, guidance, and forgiveness application.
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Mike
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