Businesses could apply for a Paycheck Protection Program loan through May 31, 2021. As of June 1, 2021, the SBA is no longer accepting PPP loan applications.

这条适用于2020年的PPP贷款。《综合拨款法案》(于2020年12月27日签署生效)重新启动了工资保护计划，并对其进行了修改。

Ah, this is the moment mostPaycheck Protection Program(PPP) loan borrowers have been waiting for. The Paycheck Protection Program Flexibility Act was signed into law, bringing significant changes to the PPP.

Are you a PPP loan borrower who wants to know what the PPP Flexibility Act will do for you? Read on to find out.

What is the Paycheck Protection Program Flexibility Act?

The Paycheck Protection Program Flexibility Act is coronavirus-related legislation that amends the CARES Act to makePPP loan forgivenesseasier on small business owners. It was proposed in the House of Representatives and passed by the House on May 28, 2020.The actwas then passed by the Senate on June 3, 2020 and signed into law by the president on June 5, 2020.

The PPP Flexibility Act is the second piece of legislation focused on expanding the PPP, after thePPP and Health Care Enhancement Act.

2020年4月24日签署的《PPP和卫生保健促进法案》为该项目增加了3100亿美元的资金。

Unlike the PPP Health Care Enhancement Act, the PPP Flexibility Act does not add more funding to the program. However, it extends a number of rules to benefit small business owners and increase loan forgiveness potential.

What the PPP Flexibility Act changes

The PPP Flexibility Act is a relatively short bill. There are six major changes the PPP Flexibility Act makes to the PPP:

1. Eligible expenses flexibility
2. Covered period extension
3. FTE reduction exemption
4. Loan repayment deferral period extension
5. Loan term extension
6. Payroll tax deferral expansion

Check out what each rule was under the CARES Act and what it now is under the PPP Flexibility Act.

1. Eligible expenses (60% / 40%)

如你所知，你必须使用PPP贷款来支付符合条件的费用，如果你想要它被免除。小型企业管理局和财政部指定了你应该用多少钱来支付什么费用。

Originally, the SBA and Treasury required you to use 75% for payroll expenses and 25% for mortgage interest, rent, and utilities.

Thanks to the Paycheck Protection Program Flexibility Act, you can now use60% on payroll expenses and 40% for mortgage interest, rent, and utilities. This gives you more wiggle room to spend on non-payroll costs.

2. Covered period

根据关怀法案，你有八周的时间来使用你的PPP贷款。这八个星期的涵盖期开始后，您收到贷款支付或第一个付款期后，收到贷款。

The PPP Flexibility Act gives you24 weeksto use your PPP loan. This covered period extension gives you more time to spend your PPP loan and receive loan forgiveness.

If you received your loan before the PPP Flexibility Act was signed into law (June 5), you can still elect to use the eight-week covered period if you prefer.

3. FTE reduction exemption

在符合条件的开支上使用PPP贷款并不是获得贷款减免的唯一要求。You must also keep yourfull-time equivalent(FTE) employee numbers up to avoid forgiveness reduction.

However, the PPP Flexibility Act is a bit more understanding of employers’ responsibilities during the coronavirus pandemic.

You may be exempt from the FTE loan forgiveness reduction if you:

• Can’t rehire individuals who were employees on February 15, 2020 and can’t hire similarly qualified employees for empty positions before January 1, 2021OR
• Can show how complying with the CDC’s, OSHA’s, or Secretary of Health and Human Services’ health guidelines (e.g., social distancing) between March 1, 2020 – December 31, 2020 prevented you from being able to return to the same level of business activity you had before February 15, 2020

为了符合此FTE减免豁免的资格，您必须诚实地证明并提供文件来支持您的索赔。

4. Loan repayment deferral period

Under the original PPP guidelines, borrowers whose loan was partially or fully unforgivable did not have to make any loan payments for six months.

Now, the loan repayment deferral period has been extended until one of the following (whichever is earlier):

• The date the SBA remits the forgiveness amount to the borrower
• 10 months after the end of the covered period (if the borrower doesn’t apply for forgiveness)

5. Loan term

Originally, the CARES Act established a loan term of two years at an interest rate of 1% for borrowers who must repay part or all of their PPP loan.

The Paycheck Protection Program Flexibility Act extends this loan term tofive years. The interest rate of 1% remains the same.

6. Payroll tax deferral

Under the CARES Act, all employers could defer the employer portion of Social Security tax … unless you were a PPP borrower whose loan was forgiven.

But now, the payroll tax deferral is a universal benefit forall employers, regardless of whether your PPP loan is forgiven or not. You can defer paying your 2020 employer Social Security taxes for the entire year.

Be sure to still pay your deferred Social Security taxes by the following dates:

• December 31, 2021 (50%)
• December 31, 2022 (remaining amount)

This is not intended as legal advice; for more information, pleaseclick here.