As you may have seen in the media, the House approved the Paycheck Protection Program Flexibility Act last week, and the Senate approved it last night. It now moves to President Trump’s desk for signature. The White House has not indicated whether Mr. Trump will sign the law. We will provide an update when and if that event occurs.
A summary of the law can be found numerous places online, but a good overview is provided at the following link:
https://www.cnbc.com/2020/05/29/house-bill-eases-rules-around-how-small-businesses-can-use-ppp-funding.html
Citizens Bank will continue to bring you information and resources as they become available.
Please submit your questions to pppquestions@citizens-banking.com. Include the name of your business in your e-mail. We will endeavor to answer in a timely way with the best information currently available.
Citizens Bank recommends that you consult your outside advisors and experts in all matters relating to the PPP and loan forgiveness. We will work to provide you timely and accurate information, but the burden for obtaining forgiveness rests on the borrower. All information provided in this format or any other communication regarding the program is believed to be accurate, but no guarantee is or can be made by any Citizens Bank representative.