What You Need to Know About the Cares Act

Wednesday, June 10, 2020

Jo Ann Koontz, Marina Parkin and Jacqueline Durham discuss the recent changes to the Cares Act in regards to the extended cover period, payment deferral, forgiveness application and more.

What you need to know about the Cares Act Presentation (PDF)

2:26 Extended cover period of the PPP loan.

6:14 5-year minimum maturity.

8:47 Payment deferral extension.

12:11 Reductions of wages or full-time equivalent employees.

15:09 New safe harbor - retaining employees and importance of documentation.

28:00 Forgiveness update - allocation of funds for payroll changes.

31:41 Permitted uses of funds update.

33:08 Delay of payment of employer payroll taxes.

37:54 Forgiveness application updates.

40:10 Deductibility of expenses.

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