As the June 30th deadline for PPP loan application quickly approaches, it’s important to note that some major changes have taken place since the CARES Act was first introduced.
Tyler reviews these changes in today’s quick video and explains how they may make loan forgiveness easier for new borrowers.
- The amount of the loan that must be spent on payroll expense is reduced from 75% to 60%.
- The previous deadline for spending loan funds is expanded from 8 weeks to 24 weeks.
- The deadline to rehire furloughed employees is extended from June 30th to December 31st, 2020.