The Small Business Administration (SBA) changed the criteria for the PPP to be more favorable for businesses!
Key changes include:
- Time period during which the proceeds must be used: now 24 weeks from 8 weeks
- Proceeds that must be used for payroll: lowered from 75% payroll requirement to 60%
- Repayment Period for Unforgivable Loans: lengthened from 2 years to 5 years (for loans approved after 6/5/20)
- Period to Rehire Employees: extended from June 30th to December 31st, 2020
- Deferral Period (no payments required): extended to 10 months after the loan forgiveness covered period (from 6 months)
- New Exceptions will be considered for borrowers that are unable to return to the same level of business activity because of covid-19 regulations and worker safety
This program ends on June 30, 2020. Reach out to your lender to apply! Need application assistance? Contact Small Business Services here