On June 5, 2020 President Trump signed the Paycheck Protection Program Flexibility Act (the PPP Flexibility Act). Importantly, for existing PPP loans, the PPP Flexibility Act provides the following:
- Extends the period for PPP loans to December 31, 2020 (extended from June 30, 2020)
- Extends the forgiveness covered period to the earlier of 24 weeks after the date of the loan (increased from eight weeks) or December 31, 2020
- A borrower under an existing PPP loan can elect to use the eight-week period
- Extends the rehire exemption date to December 31, 2020 (extended from June 30, 2020) MORE.