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.

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If you have any questions or need assistance, please contact Courtney McFarland, CPA, MSA, at 774.512.4051,; or your AAFCPAs Partner.

About the Author

Courtney McFarland
Courtney is an audit partner in the firm’s Healthcare Practice with over 15 years of assurance experience and a comprehensive understanding of the nuances of the healthcare industry. She delivers a full range of solutions solving the challenges that AAFCPAs’ healthcare clients face, including: audits in accordance with Uniform Guidance/Single Audit and Government Auditing Standards, 340B pharmacy program requirements, best practices for reconciliation & analysis of statistical and programmatic data, tracking and monitoring risk-based contracts, maximizing reimbursements, and guidance on healthcare reform. Courtney is a member of AAFCPAs’ Revenue Recognition Task Force, dedicated to helping the firm and clients understand best practices for an efficient and effective implementation of the robust new framework.