Improvements Made to Paycheck Protection Program (PPP)
We are Lakes Proud.
Brainerd Lakes Chamber
As you may have heard, Congress recently made substantial improvements to the Paycheck Protection Program. We’re proud to partner with the U.S. Chamber, which recently updated its “Guide to PPP Loan Forgiveness.” It summarizes the program in a simple, understandable way. Key changes include:
- Extending the time to spend PPP funds from 8 weeks to 24 weeks;
- Lowering the amount that must be spent on payroll from 75% to 60%
- Extending the deadline to restore FTEs and payroll from June 30, 2020 to Dec. 31, 2020
- Setting the repayment term for loans made after June 4, 2020 at five years
