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The House and Senate both passed the Paycheck Protection Program Flexibility Act, H.R. 7010, and it is expected to be signed into law by the President today.
The Act makes significant changes to the Paycheck Protection Program, making loan forgiveness much easier for many businesses struggling with meeting the original requirements and timelines. By granting greater spending and rehiring flexibility, more time to use the funds, more time to re-hire employees, and a decrease in the mandatory minimum funds to be spent on payroll costs, more borrowers will be able to meet the loan requirements and achieve complete loan forgiveness.
Although you've no doubt been very busy implementing all the new safety procedures, re-figuring your financial projections, cutting expenses, and taking good care of your employees, it's a good idea at this time to also take stock of your personal expenses.
If you didn't refinance your home mortgage when the rates reached historic lows, you may want to take a look at what you might gain now by refinancing.
Today's average 30-year fixed-refinance rate is 3.67%. At this rate, you’ll pay $458.59 per month in principal and interest for every $100,000 you borrow.
The CARES Act allows employers to defer the deposit and payment of the employer's share of Social Security taxes and self-employed individuals to defer payment of certain self-employment taxes.
Now that small businesses and organizations are starting to receive Paycheck Protection Program (PPP) funding, attention has turned to the next and most vital phase: loan forgiveness. If borrowed funds are spent as intended on payroll, mortgage interest, rent and utilities in the eight weeks after receipt, those expenditures are potentially eligible for complete, tax-free forgiveness.
Today the President signed a $484 Billion bill that provides $320 Billion in new funding for the Paycheck Protection Program. It also includes $75 billion for hospitals, $25 billion for coronavirus testing and $60 billion for the Small Business Administration’s Economic Injury Disaster Loan program.
The SBA expects to start taking applications for the second round of funding for the Paycheck Protection Program on Monday, according to SBA Region 5 Director Rob Scott.