The highlights of the bill are:

·     An extension of the 8-week “covered period” to calculate loan forgiveness to 24 weeks or the end of the year, whichever comes first, for new PPP loans.

·     Current PPP borrowers can elect to extend the 8-week “covered period” to 24 weeks or the end of the year.

·     The deadline to restore employment/wage levels required to avoid reductions in forgiveness are extended by the 24 week period but must be done by December 31, 2020.

·     Additional exceptions to loan forgiveness reductions for inability to find qualified workers or to restore business activity levels.

·     Extension of the repayment period to as long as 5 years (instead of 2).

·     Loan recipients will be eligible for forgiveness if 60% of the loan is spent on payroll, rather than 75% as in the previous iteration of the PPP, however, if the 60% threshold is not met, none of the loan is eligible for forgiveness.

·     Ability to defer payment of employer payroll taxes that was previously prohibited under Section 2302 of the CARES Act relating to employers with PPP loan forgiveness.