On June 4, the U.S. Senate passed the Paycheck Protection Program (PPP) Flexibility Act of 2020. The president is expected to sign it into law. The bill largely follows the Small Business Administration’s (SBA’s) interim final rule on loan forgiveness requirements issued in late May. The bill eases several of the PPP’s more onerous restrictions regarding loan forgiveness. For example, businesses will have 24 weeks rather than eight weeks to use the loan money. The bill also eliminates the restrictions that limited nonpayroll expenses to 25% of loan proceeds and the restrictions that limited loan terms to two years. Contact us for more information.