Confusion Remains Under the New PPP Flexibility Act, Says Fisher Phillips Partner
The Treasury Department and Small Business Administration posted new “borrower-friendly” applications for loan forgiveness under the Paycheck Protection Program (PPP). Under the PPP Flexibility Act, several changes were made that benefit restaurants, including expanding the period when the loan can be used after disbursement from eight weeks to 24 weeks, and extending the deadline for rehiring workers. In an interview with Nation’s Restaurant News, Patrick Dennison says that while the move toward streamlined forms is an attempt to make the PPP easier for borrowers, some confusion remains. For example, the new guidance doesn’t clear up the question of how to calculate the potential reduction in hourly wages, and whether it should be based on a total hourly wage or an average that might include overtime.
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