Paycheck Protection Program Flexibility Act Headed to President’s Desk

Wiley Rein – Congress has passed the Paycheck Protection Program Flexibility Act, which eases some of the requirements of the Small Business Administration’s (SBA) Paycheck Protection Program (PPP). The four most significant changes were (i) increasing the minimum loan term to five (5) years (instead of two years), (ii) allowing up to 40% of loan proceeds to be spent on non-payroll costs (instead of 25%), (iii) extending the forgivable period for spending loan funds to 24 weeks (instead of 8 weeks), and (iv) extending the rehire “safe harbor” deadline to December 31, 2020 (instead of June 30, 2020).

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