On June 10, 2020, the Small Business Administration (SBA) issued an updated interim final rule for the Paycheck Protection Program (PPP) in response to the PPP Flexibility Act that was passed on June 5, 2020. The updated guidance accounts for revisions made to the covered period, usage of funds changes, extended safe harbors, and more.
Here is a quick rundown of the changes made by the PPP Flexibility Act.
Further guidance and instructions are anticipated especially as they relate to the PPP Loan Forgiveness Application. Stay tuned for updates and contact us for assistance with your loan forgiveness application.
CariAnn J. Todd, CPA, is a Senior Manager in BeachFleischman’s Accounting & Assurance practice and Director of the Employee Benefit Plan Audit Group. BeachFleischman PC was formed in 1990 and has grown to be one of the largest independently-owned public accounting firms in the Southwest and a Top 200 largest CPA firm in the United States. The firm serves over 7,000 private enterprises, nonprofit organizations, governmental entities, and entrepreneurs in the U.S., Mexico, and Canada and provides a wide range of accounting, assurance, tax and advisory services.