The Paycheck Protection Program Flexibility Act of 2020 (“Flexibility Act”) was signed into law by President Trump on June 5, 2020. The Act provides much needed flexibility that will likely increase the amount of loan forgiveness for businesses that receive Paycheck Protection Program (“PPP”) loans.
The CARES Act authorizes PPP loan availability for certain small businesses (those that typically do not employ more than 500 employees) between March 1, 2020 and December 31, 2020. The Act modifies the CARES Act as follows:
Please contact Jennifer R. Watson or a member of the Corporate, Finance and Acquisitions Group with any questions regarding PPP loans.
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