Today, June 5th, President Trump signed the Paycheck Protection Program Flexibility Act of 2020 into law. The bill eases the strict guidelines currently in place to qualify for forgiveness of PPP loan funds and allows for an additional 16 weeks to use the funds for eligible expenses. It also provides more flexibility for use of the funds on “non-payroll” expenses. For more details on the changes the bill provides, please see our earlier blog regarding the bill by clicking here.
The SBA Forgiveness Application will have to be updated to incorporate the new forgiveness guidelines. We will continue to monitor the updates to the application and send out information as it becomes available.
Please contact your trusted Scheffel Boyle team member with questions. We are always here to help.