COVID-19 UPDATE 35
PRESIDENT SIGNS PAYCHECK PROTECTION FLEXIBILITY ACT
PROVIDING ADDITIONAL GUIDANCE AND FLEXIBILITY
CONCERNING LOAN FORGIVENESS REQUIREMENTS
President Trump signed the paycheck Protection Flexibility Act (PPPFA) passed by Congress last week that provides significant amendments and clarifications to the Small Business Administration’s (SBA) loan forgiveness and loan qualification plan established by the original Paycheck Protection Plan Program as part of the CARES Act. The PPPFA was passed by bipartisan votes in both chambers in response to the initial eight-week expiration period for the original PPP loans.
Some of the amendments to the original program included in the PPPFA include the extension of the PPP loan period expiration date from June 30, 2020 to December 31, 2020 and the extension of the loan maturity dates for new loans from 2 years to 5 years. However, loans made prior to the enactment of the PPPFA can have the maturity date changed to a later date upon mutual agreement between the borrower and lender and changes the ratio of non-payroll use of funds from 25% to 40%.
UTCA’s legal Counsel Florio Perrucci, Steinhardt Cappelli, Tipton & Taylor has provided us with a memorandum identifying the more important amendments that were included in the PPPFA. The memorandum can be viewed
HERE
.
UTCA suggests that you seek further guidance from your trusted professionals regarding the specifics of the PPPFA.
NEW JERSEY DEPARTMENT OF TRANSPORTATION ISSUES
2020 “CHANGE ORDER GUIDE” TO THE INDUSTRY
The NJDOT has released the Department’s 2020 Change Order Guide to the construction industry. The “2020 Change Order Guide” replaces all prior versions of the Change Order Guide and incorporates all Baseline Document Changes to the 2007-2019 guide.
The Guide is to be used by project REs in preparing Change Orders in accordance with NJDOT policies. The document provides information that will assist contractors when submitting change orders to the Department including types of change orders, standard formats and wording, procedures for State funded projects and federally funded projects, as well as other important information for use by contractors. Incorporating the guidance provided in this document will help to expedite the processing of project change orders.
The new NJDOT 2020 Change Order Guide can be viewed
HERE
.
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If anyone has questions concerning this notice, please contact us at the UTCA office 732-292-4300.
