Congress yesterday passed the H.R. 7010, entitled the Payroll Protection Program Flexibility Act of 2020 (PPFA), to fix what many perceived to be some of the biggest flaws in the loan program. The ink is not quite dry — it’s still awaiting the President’s signature — but the chances are low that the President will veto the bill, and we expect to see several changes implemented soon. These include:
Once the President signs the PPFA, we will do an updated webinar for all of our clients and friends. This is going to require that the SBA amend the forgiveness application that it previously provided, and change the “how do I spend this?” for many business owners. Remember, these issues are changing daily, so follow this page for the latest news.