The Paycheck Protection Program Flexibility Act – Implementing Changes To The PPP

The Paycheck Protection Program Flexibility Act of 2020

On Friday, June 5^th, the President signed into law the Paycheck Protection Program Flexibility Act of 2020 (the Amendment) which amends certain elements of the Paycheck Protection Program, the $660 billion program created under the CARES Act to assist small businesses during the COVID-19 crisis (the PPP). The following are the changes made to the PPP by the Amendment:

Extensions of Covered Periods and Deadlines

• The Amendment extended the covered period of the PPP from June 30, 2020 to December 31, 2020.
• The Amendment increased the PPP loan forgiveness covered period from 8 weeks to the earlier of 24 weeks or December 31, 2020.