Congress is expected to pass the Paycheck Protection Program Flexibility Act of 2020 (H. R. 7010) to provide relief to borrowers participating in the Paycheck Protection Program (PPP). There is bipartisan support in the House and Senate to address the most significant areas of concern raised by business owners/borrowers, CPAs, and industry groups. The House is expected to vote tomorrow, May 28,2020 (almost 2 months to the day from the passing of the CARES Act, feels much longer). Our earlier post provided details about the House version of the bill and potential negotiations being considered to reconcile to the Senate version.
As we mentioned earlier today, the House version of the legislation removed the requirement (added administratively outside Congressional intent) that 75% of forgivable amounts be spent on eligible payroll costs. According to Roll Call, negotiators have agreed to reduce the 75% to 60% in the version expected to be voted on in the House tomorrow.
We will host a webinar Monday June 1 to review the changes, provide an overview on the impact to forgiveness calculations, and discuss potential strategies to maximize the amount eligible for forgiveness.
PPP WEBINAR TO KICK OFF JUNE 2020
We are hosting a webinar to provide an overview of important legislative PPP changes, discuss forgiveness calculations, consider strategies for maximizing loan forgiveness, and answer your questions.
If Main Street Lending updates are available, we will provide a brief overview of relevant information.
Be our guest. Don’t miss all the fun – details below.
WHEN:
Monday June 1, 2020 at noon
Register HERE to attend – space is limited. Registration will likely exceed capacity, register as soon as possible.
Please reach out to [email protected] with questions.
We are in this together,
Brinker Simpson & Company, LLC
Source: HR7010; https://www.rollcall.com/2020/05/27/lawmakers-compromise-on-ppp-loan-terms-as-talks-continue/