Deadline to Apply for PPP Loan is June 30, 2020
AAFCPAs would like to make clients aware that the deadline to apply for a Paycheck Protection Program (PPP) loan is June 30, 2020. As of June 10, 2020, there was still approximately $130.7 billion in funds available.
AAFCPAs encourages clients who did not receive a PPP loan yet to re-consider applying in light of recent changes to the program introduced as part of the PPP Flexibility Act, signed by President Trump on June 5th, 2020. Most notably, the Act:
- Expanded the original 8-week forgiveness period to 24 weeks.
- Loosened the 25% limitation on non-payroll expenses.
- Removed the 2-year payback period in favor of a minimum 5-year loan period.
- And more.>>
AAFCPAs advises clients to evaluate the changes in the program as well as your economic need. If economic need is determined, we advise clients to not delay, as the deadline is approaching, and the funds may run out.
Related Insights
- PPP Flexibility Act Extends Covered Period of Loan
- PPP Guidance on Hazard Pay, Bonuses, and Employees Who Decline to Return
- Webinar OnDemand: AAFCPAs’ Guidance on SBA Loan Forgiveness Application
- AAFCPAs Guidance on SBA Loan Forgiveness Application
- Questions Businesses Need to Address to Support PPP Loan Certifications
- PPP Loans: AAFCPAs’ Cost Tracking Template
If you have any questions or need assistance, please contact Courtney McFarland, CPA, MSA, at 774.512.4051, cmcfarland@nullaafcpa.com; or your AAFCPAs Partner.
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