• Loans approved after June 5th will have a 5-year loan maturity instead of the 2 years that applies to loans approved prior to June 5th
• The covered period for loan forgiveness has been extended from 8 weeks to 24 weeks, providing substantially greater flexibility for borrowers to qualify for loan forgiveness
• Lowers the requirements that 75% of loan proceeds must be used for payroll costs to 60%
• Provides safe harbors from reductions in FTE’s for various scenarios
Peak Consulting is testing a variety of scenarios to help automate loan forgiveness payments as well as remodeling remaining payments for loans that do not have complete forgiveness. If you would like more information on automating changes to your PPP loan portfolio contact us today!