Payroll Protection Program Flexibility Act

On Monday, June 8, 2020, SBA Administrator Jovita Carranza and US Treasury Secretary Steven T. Mnuchin issued a statement following the enactment of the Paycheck Protection Program (PPP) Flexibility Act.

The bill provides businesses with more time and flexibility to keep their employees on the payroll and ensure their continued operations as we safely reopen our country. Changes include modifying the covered period from 8 weeks to 24 weeks and lowering the loan forgiveness requirement for businesses to spend on payroll from 75% to 60% of loan proceeds.

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