Review of Paycheck Protection Program Forgiveness Changes due to Paycheck Protection Program Flexibility Act
It can be confusing to sift through the new Paycheck Protection Program (PPP) loan forgiveness changes that have resulted due to the Paycheck Protection Program Flexibility Act (PPPFA). To help make sense of it all, Cory Parnell, Principal and Chief Executive Officer at Boeckermann Grafstrom & Mayer (BGM) has put together a presentation to walk you through it.
The presentation will cover the following points:
- New Guidance on PPP Loans
- Changes to First Interim Final Rule
- New Covered Period Definition
- When do I need to submit my Loan Forgiveness Application to my lender?
- What will be the maturity date on my PPP loan?
- When will I have to begin paying principal and interest on my PPP Loan?
- How long will the loan forgiveness process take?
- Payroll expenditure requirement drops to 60% from 75%. What does this mean?
- How can PPP loan funds be used?
- What about Independent Contractors?
- Expands Eligibility – Owners with Past Felony Conviction
- Still A Lot of Questions
- Will the Forgiveness Application be simplified?
- Additional Comment by Treasury Secretary Mnuchin
- New Borrower Application
If you have any questions, please contact your BGM professional or Cory Parnell at firstname.lastname@example.org. We are proud to advise you and offer you and your business the support it needs. Providing our clients with the highest level of service remains our top priority.
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