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.