Last week, the House passed the Paycheck Protection Program Flexibility Act which will ease restrictions on the loan forgiveness under the program.
This House bill comes just after the Treasury Department issued “Interim Final Rules’ that made the PPP loan forgiveness even more complex. If these extremely harsh and complex rules stand, you will likely need a lawyer, accountant, and advanced degree in mathematics to figure out how to calculate the forgivable portion of the loan. Once again, ivory tower bureaucrats in the Treasury Department do not realize the administrative burden these rules place on business owners.