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.
- 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.