PPP Flexibility Act Provides Relief for Businesses
June 8, 2020
On Wednesday, June 3rd, 2020, the Senate passed the Paycheck Protection Program Flexibility Act (the “Flexibility Act”). The House passed the bill (H.R. 7010) last week, and the President signed the bill into law on June 5. The Flexibility Act provides much needed relief for businesses by extending the “covered period” for loan forgiveness under the Paycheck Protection Program (“PPP”) to 24 weeks and reducing the amount of loan proceeds that must be spent on payroll costs to be eligible for forgiveness from 75% to 60%. Read more about what the Flexibility Act means for your business here.