Amendments to CARES Act Paycheck Protection System
the House of Representatives passed H.R. 7010, which effects a true quantity of amendments towards the CARES Act impacting the Paycheck Protection Program (PPP) term and forgiveness conditions. the Senate additionally passed H.R. 7010 without modification, and H.R. 7010 is anticipated to be finalized into legislation by President Trump, based on news reports.
H.R. 7010 makes a handful of important modifications into the PPP and a change that is related the payroll taxation deferral in Section 2302(a) associated with CARES Act, a few of that are provided retroactive impact and all of that are summarized below.