On June 5, 2020, the Paycheck Protection Program Flexibility Act (PPPFA) was signed into law. This new legislation makes some material changes to Paycheck Protection Program (PPP) loans for existing and prospective borrowers. The PPPFA is primarily aimed to provide borrowers additional time to qualify for forgiveness and decrease the percentage of the forgivable loan proceeds which must be used for payroll costs.
Changes resulting from this new legislation are now reflected below.
The SBA PPP rules and guidance available on the U.S. Treasury website include helpful resources that we would encourage applicants to review.
Please be mindful that the application asks applicants to certify that the current economic uncertainty makes this loan necessary to support the applicant’s ongoing operations. This certification is made in good faith and the applicant should consider their current business activities and general access to liquidity resources to support their business operations when finalizing their request.
If you intend to submit an application, please make note of the following details:
You will need ONE of the following tax documents:
You will also need:
The Paycheck Protection Program (PPP) is a federal loan program aimed at helping small businesses who have been impacted by COVID-19 retain their workforce. The loan is an SBA 7(a) loan with the following terms, with more details still to be provided by the Small Business Administration (SBA).
Information is subject to change