Congress Enacts Additional Modifications To Paycheck Protection Program And Loan Forgiveness; Program Extended To Aug. 8

This alert has been updated as of Aug. 19, 2020, to reflect, the interim final rule released by the Small Business Administration (SBA) on Aug. 11, addressing the process for appeals of SBA loan review decisions under the Paycheck Protection Program (PPP).

On June 5, the president signed into law the PPP Flexibility Act, which amends key portions of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and Small Business Act in order to provide PPP loan recipients with more flexibility and extend the period during which loan proceeds spent on permitted uses will be eligible for forgiveness. The text of the PPP Flexibility Act can be found here. On June 11, the SBA issued an interim final rule, which can be found here, that revises the SBA's interim final rule released on April 2 to implement certain modifications to the PPP pursuant to the PPP Flexibility Act. On June 22, the SBA issued an interim final rule, which can be found here, that revises the