This will be a short article to cover some of the new rules that could be affecting your PPP loan.
The first thing they updated in the new laws was that companies no longer have to spend 75% of their PPP on the payroll costs and that 75 percent of the loan forgiveness amount also has to be spent on payroll costs. Both have now been reduced to 60%. This is good for companies with a lot of costs from COVID-19 but not a lot of staff.
Businesses unable to return to normal operation (before February 15th) are now safeguarded against reduced loan forgiveness.
One big thing companies have been facing is an inability to rehire their employees. E SBA has taken this into account and has also provided safeguards “from reductions in loan forgiveness based on reductions in full-time equivalent employees, to provide protections for borrowers that are both unable to rehire individuals who were employees of the borrower on February 15, 2020, and unable to hire similarly qualified employees for unfilled positions by December 31, 2020.”
Borrowers who have not applied for loan forgiveness within the first 1 months after their loan is approved will receive extended deferral periods for borrower payments of principal, interest, and fees on PPP loans to the date that SBA remits the borrower’s loan forgiveness amount to the Lender.
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