Paycheck Protection Program Flexibility Act Passed by Congress & Headed to the President
VRLTA is very pleased to report that by unanimous consent (no debate, no roll-call vote), the Senate just approved H.R. 7010, the Paycheck Protection Flexibility Act. As you recall, this bill will make a number of retroactive improvements to the PPP, including:
- 24-week covered period (instead of 8)
- 60/40 split (instead of 75/25)
- Loan forgiveness still possible if FTEs won’t come back, or if revenue in December is below Feb 2020 levels.
- Five year loan-repayment terms for future PPP loans
- Payroll tax deferment restored
The National Restaurant Association analysis of how the bill would change PPP for current users can be
. We anticipate the bill will be signed into law by the president very soon. The National Restaurant Association will prepare a memo outlining its retroactive application and how you can take advantage of it after consulting with Treasury regarding their implementation, and we expect updates from AHLA as well.
Once we have more information, we will distribute it to you.
Thank you for your help in pushing this critical bill through Congress. Your voice matters!