Paycheck Protection Program Updates: Reviewing the New Guidelines
Wednesday, June 24 @ 11am
New Forgiveness Guidelines Are Out, Now What?
The passing of the Flexibility Act has meant changes for both new applicants and for those with existing loans seeking to understand forgiveness. The revised forgiveness application was released by the Small Business Administration (SBA) on 6/17. While forgiveness applications are not yet being accepted by lenders, join us to understand what these changes mean for your business.
What will be covered:
· What the new 60/40 rule means for use of payroll vs. non-payroll costs
· How businesses may benefit from the change from an eight-week to a twenty-four- week period (and why some may choose to stay with the eight-week period)
· Caps on owner-compensation replacement for owners with employees & self-employed individuals
· Who can use the new EZ loan forgiveness form, and who should use the longer version