The Senate passed, and sent to President Donald Trump for signature, the Paycheck Protection Program (PPP) Flexibility Act of 2020 on June 3 to modify certain provisions of the CARES Act related to forgiveness of PPP loans, which will ease loan forgiveness for small businesses.
The PPP Flexibility Act attempts to address the difficulties experienced by many PPP loan recipient businesses in meeting the requirements for loan forgiveness while their businesses are still subject to COVID-19 restrictions.
Highlights include:
- The PPP Flexibility Act eases rules around how small businesses can use their PPP loan funds.
- The Senate passed the legislation on June 3. It now heads to the president’s desk for signature.
- Small businesses that don’t expect to reopen soon would benefit most.
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For more details on PPP and other COVID-19 news, please check out the NGWA COVID-19 news and resources section.