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Paycheck Protection Program
The Loan Forgiveness Process
The Paycheck Protection Program Flexibility Act (PPPFA) was signed into law on June 5th and made changes to the Paycheck Protection Program.
Overview of Key Changes
Effective with the PPPFA
Flexible Loan Forgiveness Periods
Extends the Paycheck Protection Program (PPP) loan forgiveness period to include costs incurred over 24 weeks after a loan is issued or through Dec. 31, 2020, whichever comes first. Businesses that received a loan before the changes were passed may elect to apply the original eight-week covered period.
Extended Employee Rehire
The period in which loans can be forgiven if businesses restore staffing or salary levels is extended from June 30 to December 31, 2020. This provision applies to worker and wage reductions made from February 15th through April 26th. The PPPFA also created certain exemptions to loan forgiveness amount reductions, which are detailed in the loan forgiveness application.
Relaxed PPP Loan Use Restrictions
Require at least 60% of forgiven loan amounts to come from payroll expenses instead of the original 75%.
The SBA has been issuing new guidance and clarifications to financial institutions on a frequent basis, so this information is subject to change. For more information concerning the Paycheck Protection Program and loan forgiveness, please refer to the
Loan Forgiveness Resources
If you have not yet been contacted by us and you would like to talk to a lender about the forgiveness application process, please contact us.
Your lender will be available to assist you with the process, and we recommend that you use the loan forgiveness application as a guide to start preparing the documentation that will be required.
COVID-19 Economic Injury
The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
These loans are provided directly through the SBA and you will work with them to apply. For more information, please review the following SBA resources:
U.S. Small Business Administration (SBA)
Small Business Development Center
We realize this may be a challenging time for many of our local businesses. The situation surrounding the Coronavirus (COVID-19) and its impact is changing rapidly, and there is a constant stream of information to process.
We are committed to helping our customers by providing relevant information and assisting in exploring options. The U.S. Small Business Administration (SBA) is launching loan programs to assist businesses and our local Small Business Development Centers can help your business navigate the process.
During this time, we are here to help you and your business. We encourage any customer who is in need of assistance to please contact us.