COVID-19 Information and Resources

Paycheck Protection Program Flexibility Act Extends Time for Using Funds from 8 to 24 Weeks; Reduces % of Funds That Must Be Used for Payroll; Extends Loan Repayment Period

June 6, 2020

On June 5, the President signed the Paycheck Protection Program Flexibility Act. This legislation makes some important positive changes to the Paycheck Protection Program:

  • It extends the time period to use PPP loan funds and still qualify for loan forgiveness from 8 to 24 weeks.
  • It reduces the amount of PPP loan funds that must be spent on payroll from 75% to 60% – i.e., it permits spending a greater percentage of proceeds on rent and other approved non-payroll expense while remaining qualified for loan forgiveness.
  • It extends the loan repayment period from 2 years to as many as 5 years for borrowers who do not qualify for loan forgiveness.

 

PKF O’Connor Davies COVID-19 Resource Center
Current information from an accounting firm.

Small Business Administration Paycheck Protection Program FAQ
The most current version of the SBA’s ever-lengthening PPP FAQ

Diocesan Paycheck Protection Program FAQ
A PPP FAQ prepared by the chancellor of the diocese, Alice Yurke, Esq.

PPP Loan Forgiveness Links

PPP Loan Forgiveness Application
The official application form for PPP loan forgiveness.

PPP Loan Forgiveness Application Overview (by PKF O’Connor Davies)
An overview of the PPP loan forgiveness application by an accounting firm.

PPP Loan Forgiveness Application In-Depth Analysis (by PKF O’Connor Davies)
An in-depth analysis of the PPP loan forgiveness application by an accounting firm.

PPP Loan Forgiveness Application Guide (by Withum)
A guide to the PPP loan forgiveness application by an accounting firm.

PPP Loan Forgiveness Application Guide (Forbes)
A guide to the PPP loan forgiveness application from Forbes.

PPP Flexibility Act Summary (Forbes)

Please note: These links are provided as a service to our congregations. Where they lead to the websites of professional firms or publications, they do not indicate or imply the diocese’s endorsement in any way of the content to which they lead, or of the individuals or organizations that prepared them.

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