Change is inevitable. The provisions and the application of the Paycheck Protection Program (“PPP”) are no different.
On June 3, 2020, the Senate approved H. R. 7010 (“HR 7010”), the “Paycheck Protection Program Flexibility Act of 2020”, a bill to modify certain provisions related to the forgiveness of loans under the Paycheck Protection Program, to allow recipients of loan forgiveness under the PPP to defer payroll taxes, and for other purposes.
Key provisions of HR 7010 include:
When the final Act becomes law, Citrin Cooperman will continue to keep you informed as to how these changes will impact your business. With key dates extended under this Act, additional time is granted to allow for you to truly evaluation your options with regard to the uses of funds and the impact on forgiveness. We will continue to inform you through our publications, e-mail blasts, and the continuation of our webinar series on the Paycheck Protection Program.
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