PPP Extension Bill Approved

(Image by Robert Jones from Pixabay)

This is from The National Restaurant Association.

The Senate passed the PPP amendment bill “Flexibility Act” today.

Here is the summary of the bill

  • Forgiveness period 24 weeks (was 8 weeks)

  • Payroll ratio 60% (was 75%)

  • Five years repayment period for the new loans

  • Tax deferment for PPP recipients

  • June 30 rehiring deadline extended

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