Governor Lamont Announced an Update on Phase 2 of Re-opening
Governor Lamont Announced an Update on Phase 2 of Re-opening
Governor Lamont announced today, June 5, that he has moved up his Phase 2 reopening plans by three days, giving restaurants, gyms, movie theaters, hotels and other businesses a midweek start on Wednesday, June 17.
Additional safety guidance for businesses that fall under Phase 2 will be released in the next couple of days.
Phase 2 openings include:
Accommodation (no bar areas)
Gyms, fitness & sports clubs
All personal services (nail salons, tattoo parlors)
Outdoor arts, entertainment, and events (up to 50 people)
Outdoor amusement parks
Movie theaters
Bowling alleys
Social clubs, pools
All museums, zoos, aquariums
Restaurants (indoor dining at 50% capacity, no bar)
The Paycheck Protection Flexibility Act (PPPFA) has been voted into effect by the Senate.
This act is designed to ease Paycheck Protection Program loan terms and to provide business owners with more time to use PPP funds.
Changes to the program include:
Reduction in the amount of the loan needed to be spent on payroll from 75% to 60%, thus increasing the amount of funds available for other expenses from 25% to 40%
Extended time period to use funds from 8 to 24 weeks
A deadline extension from June 30 to December 31 for rehiring of workers
An ease in rehiring requirements
Extension of repayment term from 2 years to 5 years
Option to defer 50% of your portion of payroll taxes until 2021 with the remaining 50% until 2022
For more information on the Paycheck Protection Program, click here
