Many Businesses will be better off electing to use the old rules. Here’s why…
For businesses that cannot spend all of their PPP loan proceeds on eligible expenses by their 8 week deadline, the new PPP Flexibility Act provides a lifeline in the form of additional flexibility and extensions of deadlines for use of the funds.
However, there are some large pit-falls in the details. Some PPP recipients should consider applying for the PPP loan forgiveness under the old rules. Here’s why: