Paycheck Protection Program Flexibility Act Passed Into Law

June 8, 2020

Businesses will receive more support during the COVID-19 pandemic thanks to the passage of the Paycheck Protection Program Flexibility Act of 2020, which President Donald Trump signed into law on June 5. The resolution extends the Safe Harbor period deadlines for companies that are rehiring employees and provides companies additional time to use and repay PPP loan proceeds, Keith Zimmet of Lewitt Hackman writes in an article on JD Supra.

NAMA was among the many organizations that signed an open letter petitioning Congressional leaders to "1) repeal the Paycheck Protection Program’s (PPP) 75%-25% rule, (2) extend the eight-week period for purposes of calculating loan forgiveness, and (3) extend the June 30 safe harbor date for rehiring and restoration of pay." in order to help small businesses.

RSM US LLP, an audit, tax and consulting firm, will hold a free webcast from 10:30 to 11:30 a.m. CST June 11, "Changes to the Paycheck Protection Program," on the significance of the PPP Flexibility Act for small and mid-size businesses. To learn more and register, click here.

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