EIR Workshop with Dennis Beard: Paycheck Protection Program Update
Channel: Illinois Research Park
Date: 2020-06-11

On June 11, 2020 Research Park Entrepreneur-in-Residence (EIR), Dennis Beard, led a workshop focused on the Small Business Administration’s (SBA) Paycheck Protection Program and how the House and Senate have both passed a bill that would alter this program.

Businesses will now have up to 24 weeks to use forgivable funds, instead of the original eight weeks. The portion of the costs that must be spent on payroll has been reduced from 75 percent to 60 percent. The bill also changes many of the original legislation’s hard deadlines from the end of June to Dec. 31. The legislation needs to be signed by the president before going into effect, and the SBA will need to write new guidance to clarify the impact of the changes on eligible costs and forgiveness.

For more information on the SBA’s Paycheck Protection Program within the Research Park, visit: https://researchpark.illinois.edu/article/small_business_ppp_loan_optimization/

For more information about the Entrepreneur-in-Residence Program, visit: https://researchpark.illinois.edu/resource/eir/