Following the passage of the Paycheck Protection Flexibility Act, which creates some important changes to the SBA’s Paycheck Protection Program, the Small Business Administration has updated their borrower application form and issued a revised interim final rule to reflect the changes to the PPP.
The Treasury Department has not yet updated their FAQ page on the PPP, so that it reflects the new changes to the program’s loan forgiveness standards. Those modifications include extending the period in which forgivable funds can be spent from eight to 24 weeks, and reducing the amount of the loan that needs to be spent on payroll costs.
That said, our friends at the National Automobile Dealers Association have updated their CARES Act guidance to reflect the new legislation, along with their PPP loan forgiveness information resource.
You can view a full list of relevant PPP documents and guidance on the SBA’s website at this link. Please note that June 30 remains the deadline for applying for a PPP loan. As of June 12, more than $512 billion in SBA 7(a) Loans had been approved through the program, but tens of billions of dollars remain available.
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