John Dillard

Payroll Protection Program Law Changes

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PPP Law Changes

Below is a link to an article detailing the changes Congress passed/President signed easing the restrictions for PPP (Payroll Protection Program).

The predominant clauses are:

Extending the reporting period from 8 to 24 months for those who received a PPP loan prior to June 5th (you may select which period is best for your company). For loans made after June 5th the reporting period is 24 months.

The requirement that payroll costs have to be as a percentage of the forgivable portion of the loan has been reduced from75% to 60%.

For more details:

https://www.forbes.com/sites/alangassman/2020/06/14/new-ppp-law-changes-since-june-5—the-wild-ride-continues/#282d39ae46fb