The recently enacted Paycheck Protection Program Flexibility Act of 2020 changes several provisions in the original PPP loan program enacted as part of the CARES Act. The PPPFA gives borrowers more flexibility and time to spend the PPP loan proceeds and allows the funds to be used on broader categories of expenses while still qualifying for loan forgiveness.
How much of the PPP loan needs to be spent on payroll costs?
How much time do I have to spend the PPP loan funds and still qualify for loan forgiveness?
Will the loan forgiveness amount be reduced if I can’t restore the original number of full-time employees?
When do I need to apply for PPP loan forgiveness?
I applied for PPP loan forgiveness; when do I start making payments?
My lender issued a decision to forgive my PPP loan, can I still defer the payroll tax for the period from March 27 to December 31, 2020?
These changes apply to all PPP loans regardless of whether the PPP loan was taken out before or after the PPPFA was enacted, except for the change in loan maturity as indicated.