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WEBINAR: Paycheck Protection Program Flexibility Act
June 16, 2020
Gettry Marcus CPA, P.C. presents Paycheck Protection Program Flexibility Act
Including a Discussion on its Impact on Loan Forgiveness
Tuesday, June 16, 2020 | 10:00 a.m. – 11:00 a.m.
Join Gettry Marcus, CPA, P.C. and Campolo, Middleton & McCormick, LLP for Part 3 of our webinar series on the recently passed Paycheck Protection Program Flexibility Act (“PPPFA”). The PPPFA greatly increases the likelihood of loan forgiveness.
This webinar will address PPPFA’s impact on earlier provisions of the PPP loan program, including the following:
- An increase in the Covered Period from 8 to 24 weeks, but no later than December 31, 2020.
- During the period February 15, 2020 to December 31, 2020, loan forgiveness will be exempt from a reduction in the number of FTE’s pursuant to additional PPPFA guidelines.
- To receive loan forgiveness, a borrower now must use at least 60% of the PPP loan amount for payroll costs and may use up to 40% for non-payroll costs (with possible “cliff” provisions).
- PPP loan terms can now generally range from 2 to 5 years, with the possibility of a longer 10-year term.
- PPP loan borrowers are now eligible for the CARES Act payroll tax deferral.
- Planning Tools
- SBA and Treasury Department Guidance
Lee Ferber, CPA, Partner at Gettry Marcus CPA, P.C.
Christine Malafi, Esq., Senior Partner at Campolo, Middleton & McCormick, LLP
Nicholas Backmann, CPA, Supervisor at Gettry Marcus CPA, P.C.