The House and Senate approved changes to the Paycheck Protection Program that is now headed to the President for signature. The changes are more favorable for PPP Borrowers.
It is important to note, once the President signs the new legislation, the final rules still need to be written by the Small Business Administration. This means that complete clarity on the forgiveness process may not be known for several days. Once those rules are written and a new Forgiveness Application is published the SBA, Platinum Bank will communicate with all PPP Borrowers to ensure a smooth forgiveness process.
Full details may be found here: https://www.congress.gov/bill/116th-congress/house-bill/7010?overview=closed.
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