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ARTICLE · 11 JUNE 2020

Congress Passes Paycheck Protection Program Flexibility Act

Seyfarth Shaw LLP
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On Thursday, May 28, 2020, the House passed the Paycheck Protection Program Flexibility Act of 2020 ("Flexibility Act") 417-1, and, on Wednesday, June 3, 2020, the Flexibility Act passed the Senate.

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Leslie Kersey
Leslie Kersey
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On Thursday, May 28, 2020, the House passed the Paycheck Protection Program Flexibility Act of 2020 ("Flexibility Act") 417-1, and, on Wednesday, June 3, 2020, the Flexibility Act passed the Senate. The bill is expected to be signed into law.

Below is a summary of the key changes to the Paycheck Protection Program ("PPP"), which will be effected by the Flexibility Act if it becomes law. We will be monitoring SBA guidance for new updates based on the Flexibility Act once enacted.

NOTE: Except for item (7) below, each of the following changes will apply to all PPP loans, regardless of whether the PPP loan was made before or after the date the Flexibility Act is enacted.

1. Extended "covered period"

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