Dear Clients & Friends,
On Wednesday, June 3, 2020 the Senate unanimously approved H.R. 7010 which was passed by the House last week. This bill now heads to the President for signature. We expect it to already be signed by the time of this distribution or signed very soon. The heart of H.R. 7010 is to achieve 100%, or close to 100%, forgiveness for PPP loan proceeds. The original CARES Act instituted very stringent rules, which would make it virtually impossible to achieve 100% loan forgiveness for most borrowers. We know that most of you are very well versed in the world of PPP loans, so the highlights of H.R. 7010 are listed below: