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ARTICLE · 22 JUNE 2020

Congress Provides Relief To Paycheck Protection Program Borrowers

Buchanan Ingersoll & Rooney
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On Friday, June 5, 2020, President Trump signed H.R. 7010 – the Paycheck Protection Program Flexibility Act ("PPPFA") – into law.

United StatesCoronavirus (COVID-19)
Marc-Joseph Gansah
Marc-Joseph Gansah
Steven Smith
Steven Smith
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On Friday, June 5, 2020, President Trump signed H.R. 7010 – the Paycheck Protection Program Flexibility Act (“PPPFA”) – into law. The PPPFA amends certain provisions of the Paycheck Protection Program (PPP) and provides greater flexibility to borrowers with respect to loan terms and loan forgiveness.

Loan Maturity

PPP loans entered on into or after June 5, 2020 will have a minimum maturity of five years, and a maximum maturity of ten years. With regards to loans entered into on before June 5, 2020, borrowers and lending institutions may mutually agree to extend the maturity terms.

Covered Period Expansion

The PPPFA extends the loan forgiveness period from eight weeks following loan disbursement to 24 weeks following loan disbursement, provided such new loan forgiveness period may not extend past December 31, 2020. However, borrowers who received loans before June 5, 2020 can choose to use their original eight-week period instead of utilizing the extended

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