Paycheck Protection Program Updates / Webinars and Niagara County Has Infrared Thermometers Available
Today, the U.S. Small Business Administration (SBA), in consultation with the Department of the Treasury, posted a revised, borrower-friendly Paycheck Protection Program (PPP) loan forgiveness application implementing the PPP Flexibility Act of 2020, signed into law by President Trump on June 5, 2020. In addition to revising the full forgiveness application, SBA also published a new EZ version of the forgiveness application that applies to borrowers that:

  • Are self-employed and have no employees; OR
  • Did not reduce the salaries or wages of their employees by more than 25%, and did not reduce  the number or hours of their employees; OR
  • Experienced reductions in business activity as a result of health directives related to COVID-19,   and did not reduce the salaries or wages of their employees by more than 25%.

The EZ application requires fewer calculations and less documentation for eligible borrowers. Details regarding the applicability of these provisions are available in the instructions to the new EZ application form. 

Both applications give borrowers the option of using the original 8-week covered period (if their loan was made before June 5, 2020) or an extended 24-week covered period. These changes will result in a more efficient process and make it easier for businesses to realize full forgiveness of their PPP loan. 



If you are still considering applying for assistance through the Paycheck Protection Program the deadline to apply is June 30, 2020

Contact the NCCC Small Business Development Center at 716-210-2515
or SBDC@niagaracc.suny.edu for assistance.
Paycheck Protection Program Updated Webinars
 
The U.S. Treasury and Small Business Administration has released the revised Paycheck Protection Program (PPP) forgiveness applications and interim guidance implementing the changes to the program as a result of the Paycheck Protection Program Flexibility Act.
 
We are offering a series of updated live webinars that will provide a detailed overview of the changes to the Paycheck Protection Program and Loan Forgiveness Applications.

Understanding the Changes to the PPP Loan Program
  Friday, June 19th
12:30 p.m. to 1:30 p.m.
Live Session

PPP EZ Loan Forgiveness Application
  Friday, June 19th
2:00 p.m. to 3:00 p.m.
Live Session
PPP Loan Forgiveness Application
  Friday, June 19th
3:30 p.m. to 4:30 p.m.
Live Session

Managing your PPP Loan for Maximum Forgiveness
  Monday, June 22nd
11:00 a.m. to 12:00 p.m.
Live Session Now!
Stay engaged to Keep Up to Date on the Latest Developments

Continue to look for emails from our office in the coming days and weeks updating you on the latest reopening news and what assistance is available to help you through this difficult time. Our staff is working hard to compile a complete list of guidelines, safety protocols and programs that are available. We will also share upcoming webinars and training that you can participate in to assist with your reopening. To learn more, be sure to visit our website and bookmark it. Once there, look for the COVID-19 tab.
Sincerely,

Niagara County Center for Economic Development
(716) 278-8750