Paycheck Protection Flexibility Act, H.R. 7010
The U.S. House of Representatives passed the Paycheck Protection Flexibility Act, H.R. 7010 on May 28, 2020. The Senate passed the bill June 3, 2020. The bill is now headed to the president’s desk. The purpose of this bill is to ease the forgiveness requirements for the Paycheck Protection Program loans. If passed, loan recipients will have looser restrictions as to how and when the funds need to be spent. The potential changes to the forgiveness requirements are as follows:
This bill still needs to be signed into law by the President before the changes listed above are enacted and the specifics of the bill will likely change during this process.