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ARTICLE · 08 JULY 2020

July 2020 Update On The Paycheck Protection Program Under The CARES Act

Smith Gambrell & Russell
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Paycheck Protection Program Flexibility Act of 2020, Public Law No: 116-142 (Flexibility Act) was passed, amending portion of P3 to make it more flexible for borrowers, including...

United StatesFinance and Banking
Smith Gambrell & Russell LLP
Smith Gambrell & Russell LLP
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This is an update on recent happenings regarding the Paycheck Protection Program (P3):

June 5, 2020 - Paycheck Protection Program Flexibility Act of 2020, Public Law No: 116-142 (Flexibility Act) was passed, amending portion of P3 to make it more flexible for borrowers, including:

  • Extends the loan forgiveness use period of PPP loan proceeds from 8 weeks following funding to 24 weeks following funding or December 31, 2020, whichever is earlier.
  • Rehire and restoration of salary date in order to avoid proportional reduction of loan forgiveness extended from June 20, 2020 to December 31, 2020, with new safe harbors provided if a borrower was unable to resume business activity to pre-COVID 19 levels due to compliance with regulatory requirements or guidance related to sanitation, social distancing or other worker or safety requirements, or were unable to rehire former or similarly qualified employees.

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