Update on the CARES Act and PPP Loan Changes – Presented by the Santa Barbara County Chambers of Commerce
Wednesday, June 10, 2020
Join us next Wednesday, June 10th at 4 p.m. for a webinar on updates to the CARES act and the Paycheck Protection Program Flexibility Act of 2020. The measure was passed by the House last week and makes significant changes to the Paycheck Protection Program that was designed to help small business borrowers.
The key provisions include:
- Extends the time period in which borrowers must spend their PPP loans from 8 weeks to 24 weeks.
- Lowers the percentage of loan proceeds that must be spent on payroll from 75 to 60 percent.
- Extends the loan coverage period from June 30 to December 31, 2020.
- For the portion of the loan that isn’t forgiven, the measure extends the loan term from 2 years to 5 years.
- Jennings Imel, Executive Director of the U.S. Chamber of Commerce’s Western Regional Office and our South Coast representative to the US Chamber of Commerce.
- Tony Vallejo, Partner at Nicholson & Schwartz Certified Public Accountants
The panel will be followed by Q&A.
Click here to register:
After registering, you will receive a confirmation email containing information about joining the webinar.