Federal Spotlight: U.S. Chamber Issues Updated PPP Forgiveness Guidance
June 18, 2020
The U.S. Chamber of Commerce, a federal partner of ABI, recently unveiled an updated guidance document for the Paycheck Protection Program, which reflects the changes recently enacted in a new law signed by President Trump on June 5. The Paycheck Protection Program Flexibility Act of 2020 did a number of things to make it easier to use the program including decreasing the amount of funds that must be spent on payroll from 75% to 60%, lengthening the timeframe in which PPP funds must be expended from 8 to 24 weeks, and more. You can view the guide. ABI would like to thank the U.S. Chamber for its work in putting this valuable resource together for employers.