This Act allows some flexibility with the way the loan money is used to still receive forgiveness.
The key changes are as follows:
- The 75% requirement of funds for payroll has been reduced to 60%
- The 8-week period in which you had to use the funds is now extended out to 24 weeks
- You now have until December 31, 2020 to restore workforce levels to pre-pandemic levels
- You now have 5 years to pay back unforgiven loans instead of the previous 2-year timeline
- You may also delay payments of payroll taxes which was originally prohibited under the CARES Act
More information will be forthcoming as it is made available, please check back often.