The President signed the PPP Flexibility Act last Friday, June 5th. As a business leader, here are the highlights you need to know:
This is all good news, however the exact details and guidance of what this actually means has NOT been provided yet. AND, as we’ve learned through all of this, the devil is always in the guidance details.
Additionally, Main Street Lending was tweaked again to lower loan minimums to $250,000 and extend repayment to five years. However, the program has yet to launch. Here’s an overview of those alterations.
The SBA will issue its interim final guidance in the near future in regard to the details of the PPP changes. Additionally the Federal Reserve expects to launch the Main Street Lending program very soon. Stay tuned.
Want a deeper dive for your business? Get in a virtual room with our coaches for a Government Assistance Relief Workshop. Click here for dates, times and sign up info. Our coaches will help you understand how to use your relief, gain forgiveness and possibly land additional funding for your business.