PPP Applications Is Expiring On Aug 8th!
The Paycheck Protection Program (PPP) was created to ensure businesses can stay afloat given the COVID-19 pandemic. The deadline was extended from June 30th to August 8th, so you still have some time left to apply for potentially forgivable loans.
So how do you apply for the PPP? We have a webinar on how to apply that you can watch right now! There is a tool on the SBA website to find eligible PPP lenders near you.
Loan recipients now have 24 weeks to spend the funds, or they may elect to keep the original eight week period.
The percentage of the loan money required to be devoted to payroll expenditures have been reduced from 75% to 60%.
This item does come with a new catch -if a borrower fails to spend at least 60% of the loan money on payroll, then none of the loan will be forgiven.
The minimum repayment term period for PPP loans is extended from 2 years to 5 years.
The deadline for rehiring employees and restoring wages to pre-pandemic levels is extended from June 30, 2020, to December 31, 2020.
The bill allows businesses that took a PPP loan to also delay payment of the employer's share of FICA payroll taxes, which was originally disallowed under the CARES act.
There are only a couple days left before the PPP applications expire. Do not miss out on your chance to get the funds you need for your business to survive during this pandemic!
If you have questions on how to get loan forgiveness or more, please call us at (832) 295-3353. You may also set up an appointment with us at https://xqcpa-bookme.acuityscheduling.com/schedule.php.