Vorys (Ohio/Texas): PPP Update: Congress Passes PPP Bill Providing Flexibility to Borrowers

n June 5, 2020, President Trump signed into law the Paycheck Protection Program Flexibility Act of 2020 (the Flexibility Act), which made some key changes to the Paycheck Protection Program (PPP) created by the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act). Among other things, the Flexibility Act alleviates restrictions for PPP loan recipients by reducing the threshold amount that borrowers must spend on payroll costs, as well as extends the previous eight week timeframe in which borrowers had to spend their loans to be eligible for forgiveness. MORE.

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