The Governmental Affaisr Committee of the Elmhurst Chamber of Commerce & Industry is forwarding information from the United States Chamber of Commerce on updated guidelines for federal Paycheck Protection Program (PPP) loan forgiveness, as follows:
The four-page U.S. Chamber “Guide to PPP Loan Forgiveness” has been updated to reflect the subtantive guideline changes passed by Congress and then signed into law on June 5.
Among the changes are:
* Extend the time to spend PPP fund from eight to 24 weeks;
* Lowering the ammount that must be spent on payroll from 75 percent to 60 percent;
* Extending the deadline to restore full-time equivalent employees (FTEs) and payroll from June
30, 2020, to December 31, 2020; and
* Setting the repayment term for loans made after June 4, 2020, at five years.