PPP Flexibility Act Updates – June 8th Treasury Press Release

The SBA and the US Treasury released a joint Press Release on June 8th clarifying a few important topics for small business owners using the Paycheck Protection Program. The Press Release clarifies a few key points of the PPP Flexibility Act. Press Release can be found here: https://home.treasury.gov/index.php/news/press-releases/sm1026 The June 8th Press Release clarifies a few topics: - There is no forgiveness cliff if you don't spend at least 60% of your loan on payroll costs. It is a sliding scale. - The 24 week covered period is the new normal, but borrowers can elect into an 8 week period. - The 5 year loan term is ONLY for new loans issued after June 5th - No new loans will be issued after June 30th - Extension of the repayment period - and a reiteration of the new FTE exemptions We are still awaiting full Treasury guidelines on the PPP flexibility act, which we will be looking for here: https://home.treasury.gov/policy-issues/cares/assistance-for-small-businesses Find Small Business PPP Resources here: http://learn.claracfo.com To book a time to talk about your PPP Loan go here: https://claracfo.as.me/claritysessions Find us at: https://claracfo.com/

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