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ARTICLE · 11 JUNE 2020

US Paycheck Protection Program Flexibility Act Relaxes Certain PPP Loan Deadlines + Standards

Cooley LLP
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Late Wednesday, Congress passed the Paycheck Protection Program Flexibility Act (PPPFA), which has now been signed into law.

United StatesFinance and Banking
Erin Estevez
Erin Estevez
Ryan Naftulin
Ryan Naftulin
Danielle Naftulin
Danielle Naftulin
Peter H. Werner
Peter H. Werner
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Late Wednesday, Congress passed the Paycheck Protection Program Flexibility Act (PPPFA), which has now been signed into law. It relaxes certain deadlines and standards, providing borrowers additional flexibility in the use of PPP funds.

Key features of the PPPFA

  • It extends the loan maturity for any unforgiven portion of a PPP loan made after the effective date of the legislation from two years to five years, although borrowers and lenders may mutually agree to modify the maturity terms of loans issued previously
  • The "covered period" for calculating forgiveness amounts has been extended from the eight weeks from loan origination until the earlier December 31, 2020, or 24 weeks from loan origination, though borrowers that took a PPP loan prior to the effective date of the PPPFA may still elect to use the original eight-week period

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