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Dear Friends in Ministry,

By now, many of you may be aware that legislation has been passed, and is awaiting the President’s signature, that will greatly benefit PPP borrowers.  The key provisions of this legislative change are listed below, and as with other changes, more details will follow.

The immediate take-away from this news is that you should hold off returning any loan proceeds, and not pursue the Forgiveness Application, until further information is available.

The major changes (as outlined in House Rule 7010) to the PPP include:

  • Extending the covered period from 8 weeks to 24 weeks,
  • Changing the % mix of payroll to non-payroll cost from 75/25 to 60/40,
  • Extending the loan repayment period from 2 years to 5 years,
  • Extending the loan deferral period, 
  • Lessening the loan forgiveness impacts for employers that don’t rehire employees, and
  • Allowing Borrowers with PPP loans to also take full advantage of the payroll tax deferral provisions.

When appropriate, I anticipate conducting more Zoom sessions.  In the interim, please do not hesitate to contact me directly with any questions.

Take care,

Roger White
Conference Treasurer

 
United Methodist Center
1204 Freedom Road
PO BOX 5002
Cranberry Twp PA 16066-0002
724-776-2300