- Payroll Protection Program (PPP) Loan Update
- Update on SFNet's Advocacy Efforts and Crucial Conversation Webinar Series from CEO Rich Gumbrecht
- Bipartisan Group of 28 Members of Congress Call for Lender Eligibility as Borrowers Under PPP in Support of SFNet Position
- House Democrats Propose the Heroes Act
- California Advocacy Alert
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%.
Please click here for more information.
In This Section