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UPDATE: On June 5, 2020, President Trump signed the
Paycheck Protection Program Flexibility Act. The bill gives
employers more flexibility when using Paycheck Protection Program
(PPP) funds and applying for loan forgiveness.
In response to concerns over the administration of the CARES Act
funded Paycheck Protection Program ("PPP"), Congress has
advanced a bill designed to loosen certain programmatic
restrictions. Last week, the House of Representatives passed
the "Paycheck Protection Flexibility Act" by a
near-unanimous vote in an effort to remove impediments to
borrowers' loan forgiveness calculations. The Senate,
through a unanimous vote, approved the Act without making any
changes to the House version. The bill is now awaiting
signature by the President.
