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A Beneficial Update to The Payroll Protection Program and the Cares Act

What are the updates to the Paycheck Protection Program (PPP)? 

BloomNet strives to keep you up to date with relevant information. This includes with the changing Paycheck Protection Program (PPP). 

On June 3rd, Congress granted small business owners more flexibility with their PPP loan. The National Federation of Independent Business' is hosting a webinar discussing the PPP updates in more detail on June 10th at 12 pm EST.  

The changes include

  • Lengthening the loan forgiveness period to twenty-four weeks.  

  • Lowering the amount of PPP funds to 60% and allows 40% for other qualifying expenses. 

  • Delaying employer's payroll tax payment through the end of 2020.  

  • Exempting the FTE loan forgiveness reduction if borrows cannot return to the same level of business activity before February 15th due to COIVD-19. 

The new Paycheck Protection Program Flexibility Act assists the businesses that are facing challenges to comply with the previous PPP loan forgiveness. Whether used on rent, utilities or employee's payroll, the PPP is helping small businesses survive during these trying times. 

To learn more about the new PPP Act, visit the Key Changes or our Facts Sheet