PPP Update: What The House’s Passage of the Flex Act Means for PPP Borrowers
Miles & Stockbridge – On May 28, 2020, the U.S. House of Representatives near-unanimously passed the Paycheck Protection Program Flexibility Act of 2020, H.R. 7010 (the “PPP Flex Act” or the “Flex Act”). The bipartisan PPP Flex Act now goes to the Senate as national leaders look to provide additional, more expansive support to small businesses impacted by COVID-19. This bill follows multiple rounds of guidance released by the Small Business Administration (the “SBA”), in consultation with the U.S. Department of the Treasury, since the passage of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which established the Paycheck Protection Program (the “PPP”).
