From Hampton Roads Small Business Development Center By Mike Austin
PPP FLEXIBILITY ACT CHANGES TO FORGIVENESS APPLICATION PROCESS: POINTS TO PONDER
Outline:
The Flexibility Act made numerous changes to PPP loans as well as the forgiveness application. The changes to the forgiveness application process include:
CHANGED Advance Term
CHANGED Percentage of Proceeds for Payroll and Non-Payroll Expenses
EXPANDED Safe Harbor for Employee Headcount
EXPANDED Safe Harbor for Employee Wages/Salaries
NEW Safe Harbor for Businesses Impacted by Government Policy
NEW EZ Application
NEW Document Retention Requirements
CHANGED Forgiveness Review Timeline
EXPANDED Guidance for Sole Proprietors, Owners, and Independent Contractors
CHANGED Payroll Taxes
NOT CHANGED Income Tax Deduction
CHANGED When to Apply
CHANGED Conversion to Loan and Repayment Terms
NOT CHANGED Impact of EIDL Advance on PPP Forgiveness
Download the detailed changes here:
