In an effort to support franchise businesses through the pandemic, the International Franchise Association (IFA) is urging the franchise community to Support the Paycheck Protection Program Flexibility Act
- change the program sunset date from June 30, 2020 to December 31, 2020;
- extend the rehiring deadline for loan forgiveness from 8 to 24 weeks;
- lengthen the loan maturity date from 2 to 5 years;
- eliminate the requirement businesses must spend 75 percent of funds on payroll to qualify for forgiveness;
- extend the rehiring deadline to align with the expiration of enhanced Unemployment Insurance; and
- provide a “Borrower’s Choice” provision, which allows those who received PPP loans prior to enactment to choose for the covered period of their loan to either last 8 weeks or 24 weeks from origination.