Paycheck Protection Program Flexibility Act Of 2020

The CARES Act authorizes PPP loan availability for certain small businesses (those that typically do not employ more than 500 employees) between March 1, 2020 and December 31, 2020. The Act modifies the CARES Act as follows: 

• Even though the CARES Act allowed loan maturity to be up to 10 years, the Small Business Administration (“SBA”) set PPP loan maturity dates at 2 years. The Flexibility Act changed the maturity dates for new PPP loans to 5 years, instead of 2 years. For PPP loans that already have been received, the maturity date can be extended to up to 5 years if the lender agrees to the extension. The interest rate