In this webinar, we discuss the newly passed Paycheck Protection Program Flexibility Act (PPPFA) which relaxes PPP Forgiveness requirements. This version of the legislation makes several changes including the following:
• Extends the expense forgiveness period from 8 weeks to 24 weeks.
• Reduces the 75% payroll ratio requirement to 60%.
• Allows CARES Employer Social Security tax deferment for Paycheck Protection Program recipients even if the loan is forgiven.
• Extends the June 30 rehiring deadline.
We are now awaiting the release of updated reporting to reflect these changes to PPP Loan Forgiveness. We expect the CARES PPP Loan Forgiveness Report to be available for use in iSolved in the coming days. More information to follow as updates become available.