Come again? Which program ends 6/30 (PPP forgiveness FTE-levels?)? #pleasespoonfeedme
Last date to get PPP funds is 06/30 which means that with an 8 week covered period the whole country would be off of PPP by 08/24.
Last date for UI FPUC is 07/26.
This meant that if you went for PPP at the very last possible moment to maximize your UI FPUC payments, you'd still lose out on UI payments from 06/30-07/26.
Now with the ability to use PPP over 24 weeks you can stay on UI and get FPUC til 07/26, and at that point start using your PPP.
Basically there's no losing out on one program because of the other- unlike the way it was previously structured.
Also, what ended happening with the point Rubio brought up, that the Payroll 60% threshold is a cliff and not a sliding-scale, was that fixed in the final bill?
My understanding is that they passed original House bill with no changes.
Not spending 60%+ on payroll= $0 forgiveness. No prorated deductions like before (although based on what we've seen til now from the SBA, I'm pretty certain it'll say "if you applied prior to 06/XX/20 you can get forgiveness based on the previous rules")