Expands conditions and interest rate around repaying the loans
Outlines deferment plans for monthly loan repayments
Lengthens the forgiveness rehire date
This legislation also corrected an item in the original CARES ACT and would now allow employers who receive PPP loans to be also eligible to defer payment of the employer's portion of a W-2 employee's 2020 FICA tax so that 50% can be paid in 2021 and 50% in 2022.
Please note: if you haven't already completed the loan process, PPP loans must be borrowed before June 30, 2020 (subject to availability of funds).
On June 8,the Federal Reserve announced the expansion of the Main Street Lending Program to small and medium-size businesses. While these types of loans are *not* the forgivable type and were previously only available to major corporations, the terms may be attractive and provide much more flexibility for use of funds. $75 billion is being made available for these loans through the CARES Act. The Federal Reserve Board also confirmed that it will soon be announcing an additional loan program specifically for nonprofit organizations.