PPP: Flexibility Act of 2020
2020 – 06/01 The U.S. House has passed, by a vote of 417-1, the Paycheck Protection Program (PPP) Flexibility Act of 2020. The bill would provide more flexibility for participants in the PPP program, including allowing those participants to defer the payment of certain payroll taxes that the CARES Act prevented them from deferring. Highlights of the bill include allowing businesses 24 weeks instead of eight weeks to use the loan money; eliminating restrictions limiting nonpayroll expenses to 25% of loan proceeds; requiring loan recipients to comply with COVID-19 safety standards; and eliminating restrictions that limit loan terms to two years. The Senate is expected to vote on the bill this week.