Vol. XIX, Issue 36

June 16, 2020

CARES Act Update—PPP Flexibility Act Eases Borrower Guidelines

The Paycheck Protection Program Flexibility Act of 2020 (PPPFA) gives borrowers more flexibility for loan forgiveness under the Paycheck Protection Program (PPP) provision of the Coronavirus Aid, Relief and Economic Security Act (CARES Act). The PPPFA—which received nearly unanimous bipartisan support—was described in the June 4, 2020 On Board Express. PPPFA is intended to give borrowers more time to spend PPP loan proceeds, while also making it easier for PPP borrowers (including many UMC local churches and annual conferences) to qualify for loan forgiveness.

Wespath has partnered again with the General Council on Finance and Administration (GCFA) to provide more analysis of PPPFA's impact on UMC borrowers in this document.

The Small Business Administration continues to issue new guidance and update existing regulations. We will continue to update our support materials as we are able. Please direct any questions you may have about the CARES Act to Tony Prestipino, Andy Hendren, Steve Clark or Jim O'Connell.

New Investment White Paper Available

Company size, measured by market value or market capitalization (market cap), is an important factor when analyzing and selecting stocks. But getting a handle on small-cap, mid-cap and large-cap strategies can be daunting for investors. In our latest paper, Mark Warren Manager, Public Equities breaks down these concepts and explains why the Wespath equity funds maintain a "bias" to small and mid-sized companies.

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