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  • House Passes Bill That Proposes Changes to the Paycheck Protection Program Loan Forgiveness Rules | Blog
    On Thursday, May 28th, the House of Representatives passed a Bill, that, if ratified by the Senate and the President, would make significant changes to the rules governing forgiveness of PPP loans. The Bill, HR 7010, the Paycheck Protection Program Flexibility Act of 2020, was sponsored by Rep. Dean Phillips, (D-MN-3) and co-authored by Rep. Chip Roy (R-TX-21). It passed by a vote of 417-1, even though, under a suspension of House rules, usually reserved for non-controversial legislation, it only required a two-thirds majority for passage. Specifically, the Bill: Extends the PPP program from June 30th to December 31st, 2020, extending the period in which borrowers can re-hire employees to pre-COVID-19 levels. Extends the 8-week period, during which eligible expenses are forgivable, to 24 weeks. Extends the loan term from 2 to 5 years. Increases the current limitation on forgivable non-payroll expenses … Read More

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PPP Budgeting and Forgiveness Maximization Tool

The PPP Budgeting and Forgiveness Maximization Tool allows you to budget and plan the use of PPP loan proceeds, on a week-by-week basis, to maximize forgiveness. This includes detailed staff planning, minimizing loan forgiveness reductions, and ensuring non-payroll related costs remain within the allotted 25%. Once you receive the loan, you can also enter the actual expenditure and the tool gives you a weekly actual vs budget report.

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