Senate Passes Changes to the Paycheck Protection Program for Small Businesses
On Wednesday evening, June 3, the U.S. Senate unanimously passed legislation that seeks to fix the Paycheck Protection Program (PPP) for small businesses under the CARES Act. This new bill, known as the Paycheck Protection Flexibility Act, will ease restrictions of the PPP program and is on its way to President Trump’s desk for signing into law.
This legislation affords the following key flexibility amongst others:
Affords more time for businesses to use the PPP loan funds beyond the initial eight week timeline and still qualify for forgiveness. New time frame is 24 weeks or end of this year, whichever comes first
Changes restrictions limiting non-payroll expenses from 25% to 40% of the loan.
Changes loan terms from two years to five years.
Extends the deadline to rehire employees to align with the expiration of enhanced unemployment insurance, which was created through the CARES Act
Timing of the passing of this legislation is important as the 8 week period is expiring for the initial loan recipients. President Trump is expected to sign this legislation into law immediately.
This post was first published June 4, 2020 and was updated July 29, 2020.
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