Withum COVID-19 Bill Update – 6/3/2020

June 4, 2020

PPP Flexibility Act Passes the Senate! This evening the Senate passed the Paycheck Protection Program Flexibility Act.  The PPP Flexibility Act was passed by the House last week with bipartisan support.  The Senate had a competing bill called the Paycheck Protection Program Extension Act. that ultimately never made it to the floor.  The PPP Flexibility act was passed by the senate in its entirety without change, the details of the changes to the PPP are included in this article.  The article showed a comparison between the two pieces of legislation that is now no longer relevant, borrowers can just focus on the Flexibility Act.  The Act now heads to the President for signature, he has indicated that he is supportive, so we can expect this to pass into law within the next few days. 

The changes will be significant and will open the door for many borrowers to have their entire loan forgiven.  Withum recommends you review the article which breaks down the changes so you can begin planning out the impact on your loan.

Reminder Section:  (what should I be doing):

  • Call your payroll company about claiming the payroll tax deferrals and employee retention credits that were made available in the CARES Act.
  • Talk to your payroll company about the Sick Pay Bill (passed prior to the CARE Bill).
  • Consider speaking with your bank to discuss changes to terms of existing debt facilities. The banking system remains strong.
  • If you have already applied for the PPP, start forecasting how you intend to spend the funds and how to qualify for the highest amount of forgiveness possible.
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