Ceterus Support for the Payroll Protection Program
This crisis will end, and the best entrepreneurs will be ready when it does. Ceterus is working hard to make sure our customers are among the entrepreneurs ready to emerge.
The Payroll Protection Program was enacted on March 27, 2020 as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
The Paycheck Protection Program Flexibility Act of 2020 (PPPFA) was enacted June 5, 2020. The PPPFA benefited PPP borrowers or potential borrowers by extending the “covered period” from 8- to 24-week (allowing borrowers to continue to pay permitted costs out of loan proceeds and maximize loan forgiveness). The SBA has provided supplemental guidance through a series of interim final rules and FAQs published and is in the early stages of opening up the loan forgiveness process with lenders.
However, current legislative proposals on Capitol Hill suggest that further changes are possible to include blanket forgiveness for some borrowers. Until the current legislative debates conclude, Ceterus remains in a “wait and see” mode. More advice and background is available here.
Ceterus does expect to support customers through the forgiveness process. We are happy to add you to a mailing list to receive more information about these offers when we have a defined orientation based on final guidance.