Summary of Changes to PPP SBA Loan Forgiveness Program

• Changing the forgiveness period for PPP loans from 8 weeks to 24 weeks

• Extending the covered period for loans to December 31, 2020

• Changing the restrictions limiting non-payroll expenses from 25% to 40%

• Changing the loan maturity limit from 2 years to 5 years, and

• Ensuring full access to payroll tax deferment

Full text of Paycheck Protection Program Flexibility Act of 2020 signed into law This past Friday June 5, 2020 is located at link below:

H.R.7010 - Paycheck Protection Program Flexibility Act of 2020