The Paycheck Protection Program Flexibility Act of 2020 (PPP Flexibility Act) was passed by the House and the Senate and is now awaiting the president's signature.
As the Paycheck Protection Program was implemented, Congress, the Small Business Administration (SBA) and businesses recognized gaps and challenges in its implementation. The PPP Flexibility Act amends some key provisions in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, providing additional relief to small businesses.
The following are some of the highlights of the PPP Flexibility Act:
Although the PPP Flexibility Act does not elaborate on the documentation required to show a reduction in business activity, this may provide relief to businesses that were required to remain closed or modify operations, such as hair salons and restaurants.
UPDATED: On June 9, 2020
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COVID-19 DISCLAIMER: As you are aware, as a result of the COVID-19 pandemic, things are changing quickly and the effect, enforceability and interpretation of laws may be affected by future events. The material set forth in this document is not an unequivocal statement of law, but instead represents our best interpretation of where things stand as of the date of first publication. We have not attempted to address the potential impacts of all local, state and federal orders that may have been issued in response to the COVID-19 pandemic.
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