PPP Loan Forgiveness Resource Center
Resources for PPP Borrowers
If you’ve received a Paycheck Protection Program (PPP) loan, your business must meet specific requirements to ensure forgiveness. This Resource Center contains helpful insights and recommendations for businesses navigating the PPP process and looking for assistance in maximizing forgiveness. Please check back frequently for up-to-date information.
FAQ: PPP Loan Forgiveness
On June 5th, President Trump signed the Paycheck Protection Flexibility Act (PPP Flex Act), which includes several significant changes to the Paycheck Protection Program, including with regard to covered periods, payroll implications and forgiveness deadlines.
The signing of the PPP Flex Act extended the original 8-week covered period following the loan’s origination period to 24 weeks or to December 31, 2020, whichever comes first. This additional time to incur forgivable costs is particular critical to businesses who have not yet been able to re-open fully or partially due to state or local restrictions. It not only increases the ability for businesses to achieve maximum loan forgiveness but, and maybe more importantly, it opens up new opportunities for maximizing the overall business benefit of this added liquidity.
The law extends the forgiveness-related deadline of June 30th to December 31st, meaning as long as businesses are able to restore the February 15th levels of full-time equivalent employees (FTEs) or salary/hourly wage prior to the end of 2020, no attributable reduction in forgiveness will be required. Additionally, the PPP Flex Act includes exceptions for borrowers who are unable to restore their FTE levels due to COVID-19 related restrictions issued by certain governmental authorities.
A PPP borrower may submit a loan forgiveness application based on the use of the funds during the eight weeks after receipt of the funds or as soon as all the loan proceeds have been used after the eight weeks and before 24 weeks have passed. However, if the borrower is not using the eight-week covered period, any reduction on account of a greater than 25% decrease of employee salaries or wages must be calculated for the entire 24-week covered period.
How We Can Help
Through our PPP Loan Advisory Services, we make it a priority to deliver the care and attention-to-detail necessary to provide you with the confidence that MFA is fully supporting you in bringing your loan forgiveness application to conclusion.
How MFA’s dedicated PPP Advisory Team can help:
MFA's PPP Advisory Team
Request a Proposal for PPP Loan Forgiveness Services
Complete the form below to request a proposal for MFA’s PPP Loan Forgiveness Services.
A member of our team will follow up if we require further information to process your proposal request.