New Law Adds Flexibility to Paycheck Protection Program (PPP)


President Trump has recently signed into law, H.R. 701, the “Paycheck Protection Program Flexibility Act (PPPFA),” which makes the Paycheck Protection Program (PPP) more flexible for PPP loans originated on or after June 5, 2020. The SBA will now forgive loans received through this program if businesses disburse their PPP funds within 24 weeks, and if 60 percent of the funds is used for payroll. The other 40 percent can be used for rent, mortgage interest, utilities and other related costs.

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