On May 28, 2020, in a nearly unanimous vote, the U.S. House of Representatives voted to extend certain provisions of the Paycheck Protection Program (PPP) to provide small businesses with relief in the timeframe and use of their PPP loan funds. While President Trump has encouraged changes to PPP, and the Senate had been developing a plan of its own, the Paycheck Protection Program Flexibility Act is the first to pass its branch.
House representatives took into consideration the most debated aspects of the PPP when they wrote the Flexibility Act including the timeframe and parameters for usage of loan funds. The most notable changes of the Paycheck Protection Program Flexibility Act were:
The bill must next pass the Senate, which has not yet signaled support but is expected to take up the bill when it’s in session next week. We will continue to update this story as developments occur.
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