Paycheck Protection Program Flexibility Act Makes Big Changes to COVID-19 Paycheck Protection Program
June 09, 2020
By: Adam Smith
“The Paycheck Protection Program Flexibility Act, signed into law by the President Friday, was enacted in response to criticism that the original Paycheck Protection Program was too restrictive and underestimated the long-term impacts of the COVID-19 pandemic.”
“The PPP provides businesses with access to low-interest loans with the potential for loan forgiveness if the borrower complies with certain rules. While the PPP has helped many businesses weather the economic hardships caused by COVID-19 so far, the PPPFA will significantly modify the current rules and restrictions to provide businesses greater leeway to use funds in a manner that accounts for the prolonged economic uncertainty many face.”
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