Article Update: As of June 5, 2020, the president signed the Paycheck Protection Program Flexibility Act into law.
On June 4, 2020, the U.S. Senate passed the House version of a bill designed at providing more flexibility for borrowers that are utilizing the Paycheck Protection Program loans to keep their businesses afloat during the COVID-19 pandemic. With unanimous bipartisan support, the bill now passes to the president, who is expected to sign.
The new legislation, the Paycheck Protection Flexibility Act (PPF or the Act), provides much-needed guidance, and more importantly, flexibility, as the COVID-19 pandemic continues to hobble the global economy and states continue to see cases rise despite moves to safely reopen the economy. The key provisions of the Act include:
As is often the case, new clarity also raises new questions. We encourage you to visit our COVID-19 financial updates page and reach out to one of our LGT advisors for the most up-to-date information. We are here to help.
Additionally, follow our YouTube channel if you missed the latest webinar, ”PPP Loans: Forgiveness Guidelines" on this subject and more. And don't miss out on our great upcoming webinars coming soon.
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