Last night, the Senate advanced the Paycheck Protection Program Flexibility Act (HR 7010) through unanimous consent. The bill provides borrowers more time to use forgivable loans through the Small Business Administration's (SBA) Paycheck Protection Program (PPP) as well as greater flexibility on how the funds can be spent. The House passed the measure last week and the President is expected to sign it into law shortly.
The PPP Flexibility Act will not be the last legislative fix for the popular COVID-19 loan relief program, but rather a hurried attempt to make tweaks as borrowers approach the end of the first 8-week cycle in the coming days. The Senate Small Business Committee Chairman Marco Rubio (R-FL) indicated additional technical corrections to the PPP would be forthcoming in legislation he is still working on.
The PPP Flexibility Act: