You are currently viewing Changes to the Payroll Protection Program (PPP)

Changes to the Payroll Protection Program (PPP)

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