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This interim rule clarifies certain key changes made to the Paycheck Protection Program (PPP) by the Paycheck Protection Program Flexibility Act of 2020 (Act). This IFR further clarifies the Act by explaining the lowering of the minimum payroll cost limitation to 60% of covered loan amounts from 75%. Also, the IFR describes the changes to the deferral period for PPP loans; specifically the extension of the loan forgiveness window to ten months following the “loan forgiveness covered period” (twenty-four-week period beginning the day PPP funds are disbursed).

Learn more here.