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On June 5, 2020, H.R. 710, the Paycheck Protection Program Flexibility Act of 2020 (PPPFA) was signed into law. The PPPFA amends several provisions of the CARES Act related to the Paycheck Protection Program (PPP). The PPP is a program designed to help small businesses pay their employees during the COVID-19 pandemic by providing loans that can be fully forgiven if the business uses the loan proceeds for payroll and certain other expenses and if it retains or rehires employees and maintains or restores their pre-COVID-19 salary levels.
The PPPFA addresses concerns expressed by small businesses regarding the requirements they had to meet to receive loan forgiveness. It does so by making several changes to those requirements including the following:
As of June 5, the Small Business Administration had approved more than 4.5 million PPP loans. The small businesses that obtained those loans need to be aware of the Paycheck Protection Program Flexibility Act of 2020 and of the important changes it made to what a business has to do if it wants its PPP loan to be forgiven.
For information on how what's needed and how CT can help, read Small Business Payroll Relief – Be Prepared.
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