Paycheck Protection Program

If you’re a small business owner, there’s a good chance you’re facing a lot of economic challenges related to COVID-19. Whether or not you receive the maximum forgiveness on your Paycheck Protection Program loan shouldn’t be one of them.

Download one of our PPP Trackers and receive timely legislation updates straight to your email! To start, choose between the 8-week coverage period tracker and the 24-week coverage period tracker. Once you download your selected tracker, you will receive access to both (just in case you decide to use a different coverage period later on in the process).

Ready to receive help right now? Call us at 704-935-5431, and we’ll help maximize the amount of forgiveness you receive and make sure you are in compliance with the program.

The PPP forgiveness period under the Flexibility Act expanded the covered period to 24 weeks beginning the date the funds were received; however, business owners can choose to retain the original 8-week timeline, which may help them achieve their maximum loan forgiveness
New PPP participants will have 24 weeks, not to extend beyond 12/31/2020
The 75% towards payroll cost requirement has been lowered to a 60% requirement, meaning 60% of the loan must be used to cover eligiblepayroll costs; if 60% of the loan is not used for eligible payroll costs, the forgiveness amount will be reduced proportionately
A maximum of 40% of the loan proceeds can be used for non-payroll costs in order for the borrower to be eligible for 100% forgiveness
PPP participants can now use the extended 24-week time to restore their workforce levels and wages to pre-pandemic levels required to satisfy the headcount and wage reduction rules
PPP participants can adjust their headcount reduction because they a) could not find qualified employees to fulfill staffing needs OR b) were unable to restore business operations to the required February 15, 2020 levels due to COVID-19 restrictions
PPP participants now have 5 years to repay any loan portion instead of 2
The PPF Act would also allow PPP participants to delay the payment of payroll tax liabilities, which was previously prohibited under the CARES Act
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