Varnum (Michigan): President Signs the Paycheck Protection Flexibility Act: What You Need To Know

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.
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