HAVRE, Mont. (NMB) – The Small Business Administration (SBA) announced they are making some changes to the Paycheck Protection Program (PPP).
Friday, June 5 President Trump signed the Paycheck Protection Flexibility Act of 2020 which allows a two to five year extension on loans made on or after June 5.
The act also extends the PPP loan forgiveness deadline to December 31 and allows borrowers to put 40 percent of loans toward business debt and 60 percent toward payroll costs.
SBA Director Dan Nordberg said, “The bill just signed into law allows additional flexibility in the program to build on its already successful foundation. These changes will enable more businesses to take advantage of this lifeline through June 30th and I am hopeful small businesses will take note and apply.”
For more information regarding PPP changes visit sba.gov/ppp.
