H.R.7010 – Paycheck Protection Program Flexibility Act of 2020

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Last night, the Senate passed H.R.7010 – Paycheck Protection Program Flexibility Act of 2020. This bill is heading to the President for signature today.

Highlights of the bill include:
– Expanded forgiveness timeframe from 8 to 24 weeks.
– The cap on other qualified expenses was increased from 25% to 40%
– The requirement to rehire FTE equivalents was extended to December 31, 2020
– The exclusion of delaying payroll taxes for employers that receive PPP forgiveness was taken away (aka you can delay your payroll taxes even if you receive PPP forgiveness)

Please read the full text of the law here.

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Liz Mason is a serial entrepreneur, a giant nerd, and an involved accounting vanguard. She is the Founder of High Rock Accounting, Rebel Rock Accounting, TheDepartment.Tax, and a few other related brands. Liz speaks on a national stage, guests stars on podcasts, publishes a YouTube show (The Hot Accounts), and writes frequently. To further her passion for the advancement of the accounting profession, Liz currently serves as a Xero National Ambassador and as the Content Strategist for Tax Practice News. Liz started her career in tax at Grant Thornton (at 20) and automated a portion of her job landing her in the national tax practice. She spent a decade in large public accounting firms working on highly technical tax consulting before branching off on her own. Liz utilizes her creativity and passion at her company to uproot traditional practices and replace them with innovative concepts. She finds joy in efficient technology and her core belief is that everyone and everything can continuously improve (she says "be better" too often). When Liz isn't planning world domination in accounting, she is a die-hard skier, down for any adventure, plays the ukulele, reads everything, and has a good sense of humor. If you're looking for her, you can find her traveling the world and enjoying new food and cultures with her husband and young son. Follow Liz and High Rock Accounting on Twitter at @LizzyNorMa and @HighRockCPAs.