PPP Loan Forgiveness Part 3: Changes you need to know from the PPP Flexibility Act
July 8 @ 11:30 am - 1:00 pmFree
Join BIN’s COVID Response Team members Christine Buckley, Oren Shani, and Ruth Qi as they walk through what you need to know about changes to PPP loan forgiveness and PPP loan forgiveness applications. Chief Credit Officer Ezgi Uçaner-Flor, Senior Loan Officer Roland Chaiton, and Microloan Officer Yolanda Hawkins will also be joining our panelists for the Q+A portion at the end of this webinar.
The new Paycheck Protection Program Flexibility Act (PPPFA) – effective June 2, 2020 – modifies several aspects of the PPP Loan program to help business owners with weathering the COVID-19 crisis.
Major changes include
- New Forgiveness Applications: PPP Forgiveness and PPP EZ Forgiveness Applications
- Extends the covered period for use of funds
- Lowers the requirements for the percent of a borrower’s loan proceeds that must be used for payroll costs during loan forgiveness covered period to be eligible for loan forgiveness
- Provides a safe harbor from reductions in loan forgiveness based on reductions in full-time equivalent employees.
- Extends the deferral period for borrower payments of principal, interest, and fees on PPP loans
This webinar is strongly recommended for anyone who has received a PPP Loan or has applied for a PPP Loan.
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