BOURNE
SANDWICH
WAREHAM
Paycheck Protection Flexibility Act
Wendell G. Davis, New England Regional Administrator, U.S. Small Business Administration

On Friday June 5, 2020 the Paycheck Protection Program Flexibility Act was signed into law. This will allow businesses more time and flexibility to keep their employees on the payroll.

SBA, in consultation with Treasury, will promptly issue rules and guidance, a modified borrower application form, and a modified loan forgiveness application implementing these legislative amendments to the PPP. These modifications will implement the following important changes :

  • Extend the covered period for loan forgiveness from eight weeks after the date of loan disbursement to 24 weeks after the date of loan disbursement, providing substantially greater flexibility for borrowers to qualify for loan forgiveness.  Borrowers who have already received PPP loans retain the option to use an eight-week covered period.
  • Lower the requirements that 75 percent of a borrower's loan proceeds must be used for payroll costs and that 75 percent of the loan forgiveness amount must have been spent on payroll costs during the 24-week loan forgiveness covered period to 60 percent for each of these requirements. If a borrower uses less than 60 percents of the loan amount for payroll costs during the forgiveness covered period, the borrower will continue to be eligible for partial loan forgiveness, subject to at least 60 percent of the loan forgiveness amount having been used for payroll costs
  • Provide a safe harbor from reductions in loan forgiveness based on reductions in full-time equivalent employees for borrowers that are unable to return to the same level of business activity the business was operating at before February 15, 2020, due to compliance with requirements or guidance issued between March 1, 2020 and December 31, 2020 by the Secretary of Health and Human Services, the Director of the Centers for Disease Control and Prevention, or the Occupational Safety and Health Administration, related to worker or customer safety requirements related to COVID–19.
  • Provide a safe harbor from reductions in loan forgiveness based on reductions in full-time equivalent employees, to provide protections for borrowers that are both unable to rehire individuals who were employees of the borrower on February 15, 2020, and unable to hire similarly qualified employees for unfilled positions by December 31, 2020.
  • Increase to five years the maturity of PPP loans that are approved by SBA (based on the date SBA assigns a loan number) on or after June 5, 2020.
  • Extend the deferral period for borrower payments of principal, interest, and fees on PPP loans to the date that SBA remits the borrower’s loan forgiveness amount to the lender (or, if the borrower does not apply for loan forgiveness, 10 months after the end of the borrower’s loan forgiveness covered period).
  • In addition, the new rules will confirm that June 30, 2020, remains the last date on which a PPP loan application can be approved.
Find out more about the Paycheck Protection Program
$130 Billion in PPP Funds Still Available for Small Businesses - Apply Before June 30, 2020

If you are looking for support for your small business, PPP funds are still available, but act fast! June 30, 2020 is the last day PPP loan applications can be approved. These funds are for small businesses, sole proprietors, independent contractors, self-employed persons, 501(c)(3) non-profit organization, 501(c)(19) veterans organization, and Tribal businesses.
Find a lender to apply for this forgivable loan: 
Find out more about the program at: 
Reach out to your local district office for more information:

Connecticut connecticut_do@sba.gov
Maine :   maine_do@sba.gov
Massachusetts:   MassachusettsDO@sba.gov
New Hampshire NewHampshire_DO@sba.gov
Rhode Island RhodeIsland_do@sba.gov
Vermont vermont_do@sba.gov



Prepare Your Business for Hurricane Season
Weather experts at the National Oceanic and Atmospheric Administration predict an above-normal 2020 Atlantic Hurricane Season, which begins June 1. Although we often think of the hurricanes that happen further south, it's important to remember that they effect the Northeast too. 
Join the U.S. Small Business Administration  and partners Insurance Institute for Business & Home Safety   and the Insurance Information Institute  on June 9 for a webinar on how to help your business prepare for, respond to and recover from severe weather. 
The webinar will cover the following topics:
  • Developing a greater awareness of risks
  • Business continuity planning
  • Having adequate insurance coverage
  • SBA disaster assistance
Advance preparation is key to protecting your assets and reopening your business as quickly as possible in the aftermath of a major storm
June 9, 2020 - 2pm - 3:15pm EDT


Many Thanks to our E-News Signature Sponsors