Breaking News: Paycheck Protection Program (PPP) Loan Terms Updated

Date: June 04, 2020

Great news! Thanks to action by Congress on June 3, small business owners now have more flexibility in using their PPP loan. NFIB’s upcoming webinar will focus on the new Paycheck Protection Flexibility Act H.R. 7010 and what it means for your business.

The new PPP law:

-Lengthens the loan forgiveness period from eight weeks to 24 weeks.
-Lowers the amount of PPP funds that must be spent on payroll from 75% to 60% and allows 40% for other qualifying expenses.
-Delays employer payroll tax payments through the end of 2020.
-Exempts borrowers from the FTE loan forgiveness reduction if borrowers are unable to return to the same level of business activity as before Feb. 15th due to Covid-19.

Please join Holly Wade, Director, NFIB Research & Policy Analysis, and Beth Milito, Senior Executive Counsel, on June 10 for their weekly webinar where they will focus on dramatic changes to the PPP loan program and also discuss other resources available to help small businesses navigate Covid-19.

As small businesses continue to face complex challenges relating to their business operations and managing employees, NFIB remains committed to helping owners navigate this crisis and providing updated information on financial resources, handling unemployment insurance challenges, and managing workplace health and safety issues as businesses reopen.

Submit your questions to Holly and Beth in advance by emailing [email protected]

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