{"id":2962,"date":"2020-06-05T18:25:43","date_gmt":"2020-06-05T23:25:43","guid":{"rendered":"https:\/\/www.employco.com\/blog\/?p=2962"},"modified":"2020-06-19T18:28:31","modified_gmt":"2020-06-19T23:28:31","slug":"paycheck-protection-program-ppp-flexibility-act-signed-into-law","status":"publish","type":"post","link":"https:\/\/www.employco.com\/blog\/2020\/06\/05\/paycheck-protection-program-ppp-flexibility-act-signed-into-law\/","title":{"rendered":"Paycheck Protection Program (PPP) Flexibility Act Signed Into Law"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium\" src=\"https:\/\/www.employco.com\/images\/blog\/Blog_EmploycoWebinar_Header_2020.png\" alt=\"Employco USA, Inc.\" width=\"1800\" height=\"213\" \/><\/p>\n<p><a href=\"https:\/\/www.employco.com\/PDFs\/Coronavirus\/EmploycoBulletin_Coronavirus_06-05-2020.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">BULLETIN<\/a><br \/>\n<strong>June 05, 2020 (UPDATE)<\/strong><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone \" src=\"https:\/\/www.employco.com\/images\/newsletter\/bulletin\/bulletin_COVID-19.jpg\" alt=\"COVID-19\" width=\"520\" height=\"276\" \/><\/p>\n<p>Earlier today, President Donald Trump signed into law the Paycheck Protection Program (PPP) Flexibility Act of 2020, which provides borrowers with greater flexibility in spending PPP funds without compromising forgiveness eligibility.<\/p>\n<p>The act, which passed with a bipartisan vote, makes the following amendments to the PPP to provide relief to borrowers:<\/p>\n<ul>\n<li><strong>Covered period extension<\/strong> &#8211; Extends the covered period during which borrowers must spend the PPP funds to be eligible for forgiveness from 8 weeks to 24 weeks.<\/li>\n<\/ul>\n<ul>\n<li><strong>Loan repayment terms<\/strong> &#8211; Extends the minimum loan term for unforgiven PPP loans from 2 years to 5 years.<\/li>\n<\/ul>\n<ul>\n<li><strong>Payroll costs vs. nonpayroll costs<\/strong> &#8211; Reduces the forgiveness portion of PPP funds that must be spent on payroll costs from 75% to 60%, and raises the nonpayroll cost limitation from 25% to 40%.<\/li>\n<\/ul>\n<ul>\n<li><strong>Payroll tax deferment<\/strong> &#8211; Permits borrowers to defer payroll taxes without being penalized while still remaining eligible for loan forgiveness.<\/li>\n<\/ul>\n<p><!--more--><\/p>\n<ul>\n<li><strong>Rehiring safe harbor<\/strong> &#8211; Extends the rehiring safe harbor by 6 months to provide borrowers with additional time to restore payroll levels or rehire employees without facing a reduction in the amount of forgiveness for which they are eligible. The original date was June 30, 2020, and the new date is Dec. 31, 2020.<\/li>\n<\/ul>\n<ul>\n<li><strong>Inability to hire<\/strong> &#8211; Provides loan forgiveness eligibility exemptions for borrowers that are not able to rehire an employee or a replacement. There are also exemptions for loan forgiveness eligibility for borrowers that are not able to return to the same level of business due to complying with COVID-19-related orders or circumstances.<\/li>\n<\/ul>\n<p>We anticipate the U.S. Small Business Administration and Treasury to release a new forgiveness application form and a new round of FAQs over the next 1 to 2 weeks.<\/p>\n<p>We will continue to monitor any additional developments and deliver updates as necessary. Please <a href=\"mailto:jeisenhut@employco.com?Subject=Bulletin:%20PPP%20Flexibility%20Act\">contact us<\/a> for more information.<\/p>\n<hr \/>\n<p>Stay up-to-date with the latest material on our coronavirus web page &#8211; dedicated to sharing information about COVID-19 and how it relates to the workplace: <a href=\"https:\/\/www.employco.com\/coronavirus\" target=\"_blank\" rel=\"noopener noreferrer\">https:\/\/www.employco.com\/coronavirus<\/a><\/p>\n<p>Please <a href=\"mailto:jeisenhut@employco.com?Subject=Bulletin:%20Coronavirus\" target=\"_blank\" rel=\"noopener noreferrer\">contact us<\/a> if you have any questions.<\/p>\n<p><a href=\"mailto:jeisenhut@employco.com?Subject=Bulletin:%20Coronavirus\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium\" src=\"https:\/\/www.employco.com\/images\/blog\/Blog_EmploycoWebinar_Jason-ContactCard.png\" alt=\"Jason Eisenhut\" width=\"520\" height=\"210\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>BULLETIN June 05, 2020 (UPDATE) Earlier today, President Donald Trump signed into law the Paycheck Protection Program (PPP) Flexibility Act of 2020, which provides borrowers with greater flexibility in spending PPP funds without compromising forgiveness eligibility. The act, which passed&hellip;  <\/p>\n<p class=\"more-link\"><a href=\"https:\/\/www.employco.com\/blog\/2020\/06\/05\/paycheck-protection-program-ppp-flexibility-act-signed-into-law\/\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[30,7],"tags":[],"class_list":["post-2962","post","type-post","status-publish","format-standard","hentry","category-coronavirus","category-hr-solutions"],"featured_image_src":null,"author_info":{"display_name":"Employco USA","author_link":"https:\/\/www.employco.com\/blog\/author\/employcousa\/"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\r\n<title>Paycheck Protection Program (PPP) Flexibility Act Signed Into Law - Employco Blog<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.employco.com\/blog\/2020\/06\/05\/paycheck-protection-program-ppp-flexibility-act-signed-into-law\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Paycheck Protection Program (PPP) Flexibility Act Signed Into Law - Employco Blog\" \/>\r\n<meta property=\"og:description\" content=\"BULLETIN June 05, 2020 (UPDATE) Earlier today, President Donald Trump signed into law the Paycheck Protection Program (PPP) Flexibility Act of 2020, which provides borrowers with greater flexibility in spending PPP funds without compromising forgiveness eligibility. The act, which passed&hellip; Continue reading &rarr;\" \/>\r\n<meta property=\"og:url\" content=\"https:\/\/www.employco.com\/blog\/2020\/06\/05\/paycheck-protection-program-ppp-flexibility-act-signed-into-law\/\" \/>\r\n<meta property=\"og:site_name\" content=\"Employco Blog\" \/>\r\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Employco\" \/>\r\n<meta property=\"article:published_time\" content=\"2020-06-05T23:25:43+00:00\" \/>\r\n<meta property=\"article:modified_time\" content=\"2020-06-19T23:28:31+00:00\" \/>\r\n<meta property=\"og:image\" content=\"https:\/\/www.employco.com\/images\/blog\/Blog_EmploycoWebinar_Header_2020.png\" \/>\r\n<meta name=\"author\" content=\"Employco USA\" \/>\r\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\r\n<meta name=\"twitter:creator\" content=\"@employco\" \/>\r\n<meta name=\"twitter:site\" content=\"@employco\" \/>\r\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Employco USA\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\r\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.employco.com\/blog\/2020\/06\/05\/paycheck-protection-program-ppp-flexibility-act-signed-into-law\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.employco.com\/blog\/2020\/06\/05\/paycheck-protection-program-ppp-flexibility-act-signed-into-law\/\"},\"author\":{\"name\":\"Employco USA\",\"@id\":\"https:\/\/www.employco.com\/blog\/#\/schema\/person\/9c5a99be12eccf56ad10d0301c213414\"},\"headline\":\"Paycheck Protection Program (PPP) Flexibility Act Signed Into Law\",\"datePublished\":\"2020-06-05T23:25:43+00:00\",\"dateModified\":\"2020-06-19T23:28:31+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.employco.com\/blog\/2020\/06\/05\/paycheck-protection-program-ppp-flexibility-act-signed-into-law\/\"},\"wordCount\":341,\"image\":{\"@id\":\"https:\/\/www.employco.com\/blog\/2020\/06\/05\/paycheck-protection-program-ppp-flexibility-act-signed-into-law\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.employco.com\/images\/blog\/Blog_EmploycoWebinar_Header_2020.png\",\"articleSection\":[\"Coronavirus\",\"HR Solutions\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.employco.com\/blog\/2020\/06\/05\/paycheck-protection-program-ppp-flexibility-act-signed-into-law\/\",\"url\":\"https:\/\/www.employco.com\/blog\/2020\/06\/05\/paycheck-protection-program-ppp-flexibility-act-signed-into-law\/\",\"name\":\"Paycheck Protection Program (PPP) Flexibility Act Signed Into Law - 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The documents incorporate the changes made through the PPP Flexibility Act\u2026","rel":"","context":"In &quot;Coronavirus&quot;","block_context":{"text":"Coronavirus","link":"https:\/\/www.employco.com\/blog\/category\/hr-solutions\/coronavirus\/"},"img":{"alt_text":"Employco USA, Inc.","src":"https:\/\/i0.wp.com\/www.employco.com\/images\/blog\/Blog_EmploycoWebinar_Header_2020.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.employco.com\/images\/blog\/Blog_EmploycoWebinar_Header_2020.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.employco.com\/images\/blog\/Blog_EmploycoWebinar_Header_2020.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.employco.com\/images\/blog\/Blog_EmploycoWebinar_Header_2020.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.employco.com\/images\/blog\/Blog_EmploycoWebinar_Header_2020.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/www.employco.com\/images\/blog\/Blog_EmploycoWebinar_Header_2020.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":2940,"url":"https:\/\/www.employco.com\/blog\/2020\/05\/18\/sba-releases-ppp-loan-forgiveness-application-and-instructions\/","url_meta":{"origin":2962,"position":1},"title":"SBA Releases PPP Loan Forgiveness Application and Instructions","author":"Employco USA","date":"May 18, 2020","format":false,"excerpt":"BULLETIN May 18, 2020 (UPDATE) The U.S. Small Business Administration (SBA) has released the Paycheck Protection Program (PPP) Loan Forgiveness Application and Instructions. The new 11-page document includes references to \"several measures to reduce compliance burdens and simplify the process for borrowers, including:\" Incurred or Paid - Borrowers have increased\u2026","rel":"","context":"In &quot;Coronavirus&quot;","block_context":{"text":"Coronavirus","link":"https:\/\/www.employco.com\/blog\/category\/hr-solutions\/coronavirus\/"},"img":{"alt_text":"Employco USA, Inc.","src":"https:\/\/i0.wp.com\/www.employco.com\/images\/blog\/Blog_EmploycoWebinar_Header_2020.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.employco.com\/images\/blog\/Blog_EmploycoWebinar_Header_2020.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.employco.com\/images\/blog\/Blog_EmploycoWebinar_Header_2020.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.employco.com\/images\/blog\/Blog_EmploycoWebinar_Header_2020.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.employco.com\/images\/blog\/Blog_EmploycoWebinar_Header_2020.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/www.employco.com\/images\/blog\/Blog_EmploycoWebinar_Header_2020.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":3147,"url":"https:\/\/www.employco.com\/blog\/2020\/07\/01\/covid-19-in-the-workplace-what-employers-need-to-know-about-pppfa\/","url_meta":{"origin":2962,"position":2},"title":"COVID-19 in the Workplace: What Employers Need to Know about PPPFA","author":"Employco USA","date":"July 1, 2020","format":false,"excerpt":"Employment expert Rob Wilson shares top tips for leveraging Paycheck Protection Program As the coronavirus pandemic continues to wreak havoc on the national economy, the Paycheck Protection Program Flexibility Act (PPPFA) provides employers with updated options for managing their loans. However, it\u2019s important to know the best way to leverage\u2026","rel":"","context":"In &quot;Coronavirus&quot;","block_context":{"text":"Coronavirus","link":"https:\/\/www.employco.com\/blog\/category\/hr-solutions\/coronavirus\/"},"img":{"alt_text":"COVID-19","src":"https:\/\/i0.wp.com\/www.employco.com\/images\/blog\/Blog_COVID-19.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":2908,"url":"https:\/\/www.employco.com\/blog\/2020\/04\/01\/paycheck-protection-program-ppp-loans\/","url_meta":{"origin":2962,"position":3},"title":"Paycheck Protection Program (PPP) Loans","author":"Employco USA","date":"April 1, 2020","format":false,"excerpt":"BULLETIN April 01, 2020 (UPDATE) On Tuesday, March 31, the Department of the Treasury released information and documents related to the high profile Paycheck Protection Program (PPP) loans covered under the CARES Act. 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