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ARTICLE · 10 JUNE 2020

New Paycheck Protection Program Flexibility Act Modifies Terms Of PPP

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In this bulletin, we discuss the modifications made by the PPP Flexibility Act to the terms and conditions of the PPP.

CanadaCoronavirus (COVID-19)
Michael Horwitz
Michael Horwitz
Stefan Stauder
Stefan Stauder
Michael Portner Gartke
Michael Portner Gartke
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The United States Congress has enacted the Paycheck Protection Program Flexibility Act (the PPP Flexibility Act), which modifies certain of the terms and conditions of the Paycheck Protection Program (PPP), a forgivable loan program for small businesses administered by the U.S. Small Business Administration (SBA)1 pursuant to the Coronavirus Aid, Relief and Economic Security Act (the CARES Act), which was enacted on March 27.

In this bulletin, we discuss the modifications made by the PPP Flexibility Act to the terms and conditions of the PPP.

What you need to know

  • At least 60% of PPP loan proceeds must be spent on payroll costs to be eligible for forgiveness (the minimum percentage was formerly 75%).

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