Changes to the Paycheck Protection Program
The President signed H.R. 7010 – Paycheck Protection Program Flexibility Act of 2020 on June 5. The Senate had passed H.R. 7010 – Paycheck Protection Program Flexibility Act of 2020 on June 4, 2020, and the House passed the bill on May 28, 2020. This bill makes a number of changes to the Paycheck Protection Program (PPP) by amending the Small Business Act and the Coronavirus Aid, Relief, and Economic Security (CARES) Act.2 An important note about this legislation is that it did not change the date a PPP loan can be approved. The deadline remains June 30, 2020.
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Paycheck Protection Program; Flexibility Act; Small Businesses; Farms; Accounting; Agency; Agribusiness; Agriculture Law; Banking and Finance Law; Business Administration, Management, and Operations; Disaster Law; Finance and Financial Management; Legislation; Taxation; Taxation-Federal; Tax Law