- you are a self-employed, independent contractor or sole proprietor and have no employees or
- you did not reduce the wages of your employees by
More changes, but more flexibly! Now signed by the President, the PPP Flexibility Act protects and promotes the original intent and goals of the Paycheck Protection Program: to help borrowers reach full, or almost full, loan forgiveness. While things are still not yet final, here’s what we know right now:
- The Act changes the 75% payroll expenditure requirement to 60%, allowing borrowers to use 40% of funds on other allowed uses such as rent and utilities.