On June 3, 2020, the Senate passed the House version of the Paycheck Protection Flexibility Act. This bill will expand the provisions of the Paycheck Protection Program in several key ways to make it easier for small businesses to qualify for forgiveness. Here is a quick summary of the changes:
As you can see, this new bill offers quite a bit of flexibility for small businesses, which should help more qualify for full forgiveness. As with everything in this process, more guidance will be forthcoming, and we’ll pass it along as soon as it comes out. If you have any questions about how any of these changes may impact your business, please don’t hesitate to ask.
Watson & Associates, PA, Certified Public Accountants is a full-service professional CPA firm founded in 2002. We provide personalized, professional service to each of our clients.
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