On May 28, 2020, by a vote of 417 to 1, the U.S. House of Representatives approved the Paycheck Protection Program Flexibility Act of 2020, a bill that would amend certain provisions of the CARES Act concerning the Paycheck Protection Program. (We summarized an earlier version of the House Bill in an Alert dated May 21, 2020.) The U.S. Senate is expected to act on the House Bill or its own similar legislation as soon as next week. Our latest Alert identifies and discusses the most significant elements of this new bill, including that it extends the PPP loan forgiveness period, extends the minimum maturity date of certain PPP loans; modifies payment deferral periods, and modifies the impact of reduction in full-time employees on forgiveness. The Alert can be found here.
Client Alert: House Passes Bill Easing Restrictions on PPP Loan Forgiveness – May 30, 2020
