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.