Paycheck Protection Program Flexibility Act

May 28th, 2020:

The House overwhelmingly passed a bill proposing extending the time in which businesses must use their PPP funds, amending the 75/25 rule, pushing back the deadline to rehire workers, and extending the two-year term for loans among other provisions.  This House bill, known as the Paycheck Protection Program Flexibility Act, now heads to the Senate for a vote and must be passed then signed by the President to become law. 

The first recipients of PPP loans are nearing the end of their eight-week period and are trying to spend the funds using the original guidelines to achieve the requirements for forgiveness.  It has proven difficult under the current guidelines with mandated shutdowns and restrictions involved in operating, as many businesses are not fully open or operating at normal capacity.  We are hopeful this bipartisan measure, or some form of it, will pass and become law to offer businesses further necessary relief.  We will keep you updated as this Act progresses.