New PPP Law Changes Since June 5 - The Wild Ride

Cordial senate committee meeting gives hope for our democracy



Disney World and Disneyland may be shut down, but the unpredictable and sassy ride that PPP borrowers, banks and CPA’s are going through under this well-intentioned, but somewhat unorganized, program continues.  Here are the curves and surprises baked into the ride since June 5th.  

On June 5th, President Trump signed the Paycheck Protection Program Flexibility Act of 2020, which made significant changes to the PPP program. The Bill he signed was the exact law passed as H.R. 7010 by the House of Representatives, as reviewed in my blog posts entitled, Senate Passes House Bill H.R. 7010 – PPP Borrowers Breathe A Great Sigh of Relief, and The PPP Prescription — H.R. 7010 Is The Right Medicine, But Not For All.

Since then, the Treasury Department issued regulations on June 11th, which included four important pronouncements, as discussed below.

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Source: Forbes

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