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ARTICLE · 11 JUNE 2020

President Signs Amendments To Paycheck Protection Program Into Law

Jones Day
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Amendments to loan forgiveness period, safe harbors, and other provisions provide flexibility to borrowers.

United StatesCoronavirus (COVID-19)
Donald McGahn II
Donald McGahn II
John M. Gore
John M. Gore
Jayant W. Tambe
Jayant W. Tambe
Lisa Ledbetter
Lisa Ledbetter
Michael Gray
Michael Gray
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Randi Lesnick
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Amendments to loan forgiveness period, safe harbors, and other provisions provide flexibility to borrowers.

The new Paycheck Protection Program Flexibility Act of 2020  ("PPPFA") amends the Paycheck Protection Program ("PPP") created under the Coronavirus Aid, Relief, and Economic Security ("CARES") Act and affects both existing and future PPP loans. A summary of the PPPFA is set out below.

Loan Forgiveness Extensions

Applicability.  The updated loan forgiveness terms apply to all PPP loans, including those that were made prior to the enactment of the PPPFA.

Extension of Covered Period for PPP Loan Forgiveness.  The PPPFA extends the "covered period" for loan forgiveness (i.e., the period with respect to which borrowers may seek loan forgiveness) from an eight-week period to the earlier of: (1) 24 weeks from the loan origination date, or (2) December 31, 2020.

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