On June 16, 2020, Christine Malafi joined Gettry Marcus, CPA, P.C. for Part 3 of their successful webinar series on PPP loan forgiveness. This webinar focused on the recently passed Paycheck Protection Program Flexibility Act (“PPPFA”), which greatly increases the likelihood of loan forgiveness.

Topics included:

  • An increase in the Covered Period
  • During the period February 15, 2020 to December 31, 2020, loan forgiveness will be exempt from a reduction in the number of FTE’s pursuant to additional PPPFA guidelines
  • To receive loan forgiveness, a borrower now must use at least 60% of the PPP loan amount for payroll costs and may use up to 40% for non-payroll costs (with possible “cliff” provisions)
  • PPP loan terms can now generally range from 2 to 5 years, with the possibility of a longer 10-year term
  • PPP loan borrowers are now eligible for the CARES Act payroll tax deferral
  • Planning Tools
  • SBA and Treasury Department Guidance

View the webinar here.