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ARTICLE · 10 JUNE 2020

New Forgiveness Flexibility For PPP Borrowers

Ward and Smith, P.A
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On June 3, the United States Senate approved the "Paycheck Protection Program Flexibility Act of 2020" (H.R. 7010).

United StatesCoronavirus (COVID-19)
William R. Lathan, Jr
William R. Lathan, Jr
Thomas J. Zamadics, Jr.
Thomas J. Zamadics, Jr.

On June 3, the United States Senate approved the "Paycheck Protection Program Flexibility Act of 2020" (H.R. 7010). The new law was signed by the President and became effective on June 5.

This law amends the CARES Act and makes significant changes to previous law and SBA rules relating to the Paycheck Protection Program.

This summary compares the key provisions of the new law to the affected provisions of the original CARES Act. If you would like to see this summary in table form, please click here.

PPP Loan Maturity

Original CARES Act Provision: PPP loans would have a maximum maturity of ten years from their origination dates, and the SBA's guidance provided that all PPP loans would mature and be payable after no more than two years from the date on which the borrower applies for loan forgiveness.

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