There has been some updates to the Payment Protection Program on how you can use it, the maturity dates, and the process to apply for loan forgiveness. According to SBA.gov, as of June 5, 2020 President Trump signed PPP Flexibility Act of 2020, that extends new benefits for PPP loans applications filed on or after June 5, 2020.
New revisions to note:
Payment Protection weeks extended from 8 weeks to 24 weeks.
It expands eligibility for businesses with owners who have past felony convictions. The look-back period has been reduced from 5 years to 1 year to determine eligibility for applicants, or owners of applicants, who, for non-financial felonies, have (1) been convicted, (2) pleaded guilty, (3) pleaded nolo contendere, or (4) been placed on any form of parole or probation (including probation before judgment). Details here.
New EZ version of the loan forgiveness application. Find it here.
New loan forgiveness rules and revisions.
Amount of loan that must be used for payroll has been reduced by 15%, from the original payroll use of 75% of the loan to 60% of the loan must be used for payroll.
Loans issued prior to June 5 have a maturity of 2 years. Loans issued after June 5 have a maturity of 5 years. Details here.
All loans have an interest rate of 1%.
Apply for the PPP.
What you will need to apply.