PPP Updates H.R. 7010 was signed into law on June 5th, 2020. This bill made several changes to PPP Loan Forgiveness. The SBA released guidance on these changes, and we will be updating the HowardSimon Estimator accordingly.
-A new EZ application has been released. Check the instructions to see if you are eligible.
-The covered period for the loan forgiveness was extended from 8 weeks to 24 weeks. Borrowers with loans taken before June 5th can still choose the 8 week period.
-H.R. 7010 reduces the amount that you needed to spend on Payroll Costs to obtain forgiveness from 75% to 60%.
-H.R. 7010 extends the date to replace full-time equivalent employees (FTEs) and restore salaries from June 30, 2020 to December 31, 2020. It also allows relief for those businesses that have a loss of FTEs because of Covid-19 related restrictions that prevent the same level of business activity through the end of the year.