Trump Signs Paycheck Protection Program (PPP) Flexibility Act into Law

Trump Signs Paycheck Protection Program (PPP) Flexibility Act into Law

On June 5, President Trumped signed into law the Paycheck Protection Program (PPP) Flexibility Act. The law will modify the PPP by extending the expense forgiveness period from 8 weeks to 24 weeks; reducing the 75% payroll ratio requirement to 60%; expanding loan repayment restrictions from 2 years to 5 years; and extending the June 30 rehiring deadline to December 31, 2020.