President Trump signed the bipartisan Paycheck Protection Program Flexibility Act (PPPFA) this week. The legislation makes the following changes to the PPP program for small businesses:
- Extends the expense forgiveness period from eight weeks to twenty-four weeks
- Reduces the 75 percent payroll ratio requirement
- Eliminates 2-year loan repayment restrictions for future borrowers
- Allows payroll tax deferment for PPP recipients
- Extends the June 30 rehiring deadline
More than 50 trade associations representing America’s small businesses supported the legislation. View the full text here.
The Roanoke Regional Small Business Development Center continues to offer 1-1 advising sessions to help business owners navigate the PPP, loan forgiveness, and other COVID-19 related issues. Schedule a session here.