Paycheck Protection Program Flexibility Act of 2020, (H.R. 7010) was signed into law by President Trump on June 5th.
Since being established as part of the Coronavirus Aid, Relief and Economic Security Act in March 2020, the Paycheck Protection Program (PPP) has been the subject of additional stimulus bills, legal guidance and interim final rules. The Paycheck Protection Program Flexibility Act of 2020, provides borrowers with greater flexibility in spending PPP funds. The bill, which passed with a bipartisan vote, makes the following amendments to the PPP to provide flexibility and relief to borrowers:
Amendments to PPP included in bill H.R. 7010:
The SBA, Treasury and IRS are expected to provide Guidance updates to the requirements, forms and documents due to the changes in the regulations. The programming for the PPP reports in payroll systems will be updated based on the upcoming SBA changes. Once the IRS and SBA releases this information, we will make further updates to the reporting options to assist with the PPP Loan Forgiveness process.
Legal Disclaimer: California Payroll is not engaged in the practice of law, accounting, or HR counsel. The content in this email should not be construed as legal advice. California Payroll will not be able to advise or assist in the calculation of your PPP loan forgiveness. If you have legal questions concerning your situation or the information you have obtained, you should consult with a licensed professional, CPA or Attorney.