Senate passes PPP Flexibility Act; bill now awaits President Trump’s signature
Senate passes PPP Flexibility Act; bill now awaits President Trump’s signature
Reading Time: < 1 minute(Last Updated On: June 4, 2020)
The PPP Flexibility Act has officially passed both chambers of Congress and now heads to President Trump for him to sign it into law.
Upon President Trump’s signature, the new law would make the following changes:
- Provide small business owners with more time to use PPP funds (from 8 weeks to 24 weeks)
- Give more flexibility as to where businesses can allocate PPP funds (allowing 40% to be used for non-payroll expenses)
- Push the deadline to rehire workers from June 30 to December 31
It’s not certain if or when Trump will sign the bill into law, but the expectation is that he will sign it within the next week or so.
Disclaimer: The information contained in this article is provided for informational purposes only, should not be construed as legal advice on any subject matter and should not be relied upon as such. The author accepts no responsibility for any consequences whatsoever arising from the use of such information.
