Paycheck Protection Program Flexibility Act (PPPFA) Signed

Earlier today, the Paycheck Protection Program Flexibility Act (PPPFA) was signed into law. The Act is designed to address challenges faced by small business in utilizing the relief provided by the Paycheck Protection Program (PPP). Key provisions of the PPPFA include:

• Reduces amount of loan required for payroll to 60%
• Delays the deadline to rehire workers from June 30 to December 31, 2020
• Eases requirements for rehiring
• Extends time to use funds from 8 to 24 weeks
• Extends repayment term from 2 years to 5 years

As the PPPFA's rules and regulations become clearer, please stay in contact with your lender and keep an eye on the SBA's PPP website for the latest information.