Paycheck Protection Program Flexibility Act of 2020: Key Info for PPP Borrowers
On Friday, June 5, 2020, President Trump signed into law the Paycheck Protection Program Flexibility Act of 2020 (PPP Flexibility Act), which now provides PPP borrowers additional time and flexibility in their loan terms.
The new law makes significant changes to the PPP loan terms. Specifically, the PPP Flexibility Act:
We expect the U.S. Small Business Administration to issue more guidance on this topic in the future. The complete text of the PPP Flexibility Act is here.