- PPPLF Update and Summary
- CARES Act Frequently Asked Questions
- SFNet CEO Reiterates Call for Eligibility of Secured Lenders as Borrowers Under PPP
- SFNet Sends Letter to SBA and Treasury in Support of Non-bank Lenders Under CARES Act
- Update on SFNet's Advocacy Efforts and Crucial Conversation Webinar Series from CEO Rich Gumbrecht
Bill Easing PPP Limits Signed by President
June 5, 2020
President Donald Trump on Friday signed into law legislation that makes a number of changes to the Payroll Protection Program. These include:
- Businesses have been given more time to spend the money — 24 weeks instead of eight — and the ability to use more of it on non-payroll expenses while still qualifying for loan forgiveness.
- It lowers the amount that must be spent on payroll to achieve loan forgiveness to 60 percent from 75 percent.
- New borrowers now have five years to repay the loan instead of two. Existing PPP loans can be extended up to 5 years if the lender and borrower agree. The interest rate remains at 1%.
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