On Tuesday, June 2, members of the association’s executive staff and select committee leadership participated in a call with US Senator Richard Burr and his senior staff to discuss issues relating to recent legislation. Senator Burr’s office followed-up with the association last evening with the news that the PPP Flexibility Act (HR 7010) just passed in the Senate. A brief summary is below, with further updates to come.
- Increase the loan forgiveness period from eight to 24 weeks;
- Reduce the proceeds required for payroll from 75 to 60 percent;
- Increase the loan repayment period from two to five years;
- Allow payroll tax deferral for PPP recipients; and
- Extend the June 30 rehiring deadline.
Please continue to post your questions and concerns on Connect, as they guide the discussions that our volunteer leaders have with our federal representatives.