Thursday, June 4, 2020
Senate Passes PPP Loan Flexibility Legislation by Unanimous Consent
On June 3, the Senate unanimously approved the Paycheck Protection Program Flexibility Act, passed by the House last week, that would ease the terms of the Paycheck Protection Program (PPP).
The bill would extend the forgiveness period for Paycheck Protection Program (PPP) loans from eight to 24 weeks, reduce payroll spending requirements from 75% of loan funds to 60% of loan funds, and extend the June 30th deadline for rehiring workers to the end of this year. Businesses would also have up to five years, instead of two years, to repay any money owed on a loan.
The legislation now goes to President Trump for his signature.