A Summary of the Paycheck Protection Program Flexibility Act

The Paycheck Protection Program Flexibility Act of 2020 (“Act”) was passed on June 5, 2020. The new law attempts to provide clarity to and address concerns over the SBA’s Paycheck Protection Program (“PPP”) that was created under the CARES Act to provide financial relief to small businesses during the COVID-19 global pandemic.

The attached document summarizes the significant provisions and changes contained in the new bill. All of these provisions are effective retroactively and apply to all loans approved under the PPP.

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