H.R.7010 - Paycheck Protection Program Flexibility Act of 2020
Date postedJune 17, 2020
On June 5, President Trump signed into law the Paycheck Protection Program Flexibility Act which makes changes to the Paycheck Protection Program (PPP) which makes for a more user friendly for businesses who have struggled to meet the terms of the loan forgiveness provisions. Specifically, the bill establishes a minimum maturity of five years for a paycheck protection loan with a remaining balance after forgiveness. The bill also extends the covered period during which a loan recipient may use such funds for certain expenses while remaining eligible for forgiveness. The bill raises the…