Senate Passes Paycheck Protection Program Flexibility Act
As expected, the Senate has passed the House of Representatives’ version of the Paycheck Protection Program (PPP) Flexibility Act on June 3, 2020.This legislation will remove many restrictions from the original PPP terms while still allowing businesses to maximize forgiveness.
PPP Loan Forgiveness- Possible Loosened Restrictions
The House of Representatives has passed the Paycheck Protection Program Flexibility Act to the Senate on May 28, 2020 with a 417-1 vote.The bill will make qualifying for PPP loan forgiveness easier for borrowers by loosening some of the restrictions originally put in place as part of the CARES Act on March 27, 2020.
It is important to note that this bill is not a law at the time of this article. We are sharing this information because the PPP Flexibility Act may be passed, and we would like you to know in advance how it will impact your PPP loan process and forgiveness.
PPP Loan Forgiveness Webinar
The webinar is now over: If you happened to miss the webinar, we don’t want you to miss out on the valuable information about PPP Loan Forgiveness, you can now watch it at your convenience.
Extended Employee Benefit Plan Deadlines
When the IRS issued Notice 2020-23, they provided needed guidance for business owners as a result of the extended July 15, 2020 deadline to file and pay taxes. This Notice is specifically regarding the “specified actions” and filing obligations that are normally due on or after April 1, 2020, pushing these back to the July 15, 2020 deadline. The “specified actions” are any time-sensitive actions specified on the Revenue Procedure 2018-58 list, which includes actions having to do with employee benefit plans.