Earlier this month Congress passed the Paycheck Protection Program Flexibility Act (PPPFA), which provided necessary updates for the program regarding the loan coverage period, eligible costs, and more flexibility for employee counts.
We previously outlined the specifics of the program here, and the Small Business Administration (SBA) just released their updated interim final guidance to implement the PPPFA, which is available here. The SBA also updated its PPP application forms to conform to the changes in the legislation. The new borrower application is available here.
If you have not applied for a Paycheck Protection Loan yet but are thinking of doing so, submit your application quickly. The new guidance confirms that the deadline for an application to be approved is June 30, 2020.