COVID-19 Relief Law - New PPP Flexibility Legislation
In PPP loan news, Rep. Dean Phillips (D-MN) and Rep. Chip Roy (R-TX) announced the introduction of the bipartisan Paycheck Protection Flexibility Act, would extend the amount of time businesses have to have to rehire employees beyond the June 30 deadline while also extending the loan forgiveness period as some business are unable to reopen as quickly as others.
The legislation would also offer other flexibilities, such as:
- Allow forgiveness for expenses beyond the 8-week covered period.
- Eliminate restrictions limiting non-payroll expenses to 25% of loan proceeds.
- Eliminate restrictions that limit loan terms to 2 years.
- Ensure full access to payroll tax deferment for businesses that take PPP loans.
- Extend the rehiring deadline to offset the effect of enhanced Unemployment Insurance.
For more on the PPP Loans, please see our prior blog posts:
(PPP Loan Forgiveness Guidance) https://www.fazziolaw.com/blog/covid-19-relief-law-ppp-loan-forgiveness-guidance.cfm
(PPP Expense Deductions) https://www.fazziolaw.com/blog/covid-19-relief-law-irs-guidance-for-ppp-expense-deductions.cfm
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