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Reminder: June 30 is Loan Application Deadline
The Small Business Administration has released new rules implementing the provisions of the Paycheck Protection Program Flexibility Act. While more guidance may soon follow, the rules include some helpful clarification, including confirmation that borrowers with less than 60% of expenditures dedicated to payroll will be eligible for partial loan forgiveness.
With $130 billion remaining in Paycheck Protection Program (PPP) resources, any potential applicant should take note that the opportunity to apply for a loan closes on June 30, 2020.
Safe Harbors for Full Loan Forgiveness
Additional safe harbors allowing borrowers to achieve full PPP loan forgiveness are provided for reductions in full-time employees due to:
Learn more about the recent changes to the Paycheck Protection Program.
Download the Paycheck Protection Program Loan Forgiveness Application Here
This has been adapted from information provided by the League of American Orchestras and EisnerAmper.