Directors of Kruggel Lawton's Client Account Services practice, Scott Dawson and Adam Schwelnus, will present a live webinar discussing the PPP Flexibility Act (PPPFA) on Thursday, June 18, at 2:00 p.m. EDT. Signed into law on June 5, 2020, the PPPFA will provide more time and flexibility for Paycheck Protection Program (PPP) borrowers to use their loan funds, qualify for loan forgiveness and additional relief from the program's original requirements.
Topics to be discussed:
- Extension of the covered period to use loan proceeds
- Changing the ratio of loan proceeds spent on payroll and non-payroll costs
- Allowing employers until December 31, 2020 to restore reductions in workforce or pay that would reduce the amount of loan forgiveness
- Allowing borrowers who receive loan forgiveness to defer payment of employer's portion of FICA for the remainder of the year
- Extending the loan repayment period from 2 years to a minimum of 5 years for loans made after enactment
- Deferring the commencement of PPP loan repayment
- Waiving workforce reduction limitations for borrowers
