On June 5, 2020, President Trump signed into law the Paycheck Protection Program Flexibility Act (PPPFA) which gives employers increased flexibility when using Paycheck Protection Program loan money and applying for loan forgiveness.
The PPPFA is intended to make PPP Loan money easier to use for all small businesses. It changes the parameters for how loan money may be spent and the length of time an employer can use PPP Loan funds and get the amounts forgiven.
Important changes to the PPP Program include:
The changes to the PPP Loan program will make it easier for employers to increase their ability to achieve full loan forgiveness. Employers still must document their use of the loan proceeds and properly substantiate expenses.