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:
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.