On July 1, 2020, the United States Congress passed an extension of the deadline for Paycheck Protection Program (PPP) loans made under the Coronavirus Aid, Relief and Economic Security Act (CARES Act) and Paycheck Protection Program Flexibility Act.
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On June 24, 2020, the Treasury Department and Small Business Administration released an interim final rule updating eligibility criteria for Paycheck Protection Program (PPP) loans made under the Coronavirus Aid, Relief and Economic Security Act (CARES Act) and the Paycheck Protection Program Flexibility Act.
The June 24 interim final rule loosens the eligibility criteria that applied to owners of 20 percent or more of a PPP loan borrower’s equity, specifically concerning the criminal histories of such owners. In addition, the June 24 interim final rule confirms certain other eligibility criteria that will remain in place.
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The Paycheck Protection Program Flexibility Act (PPP Flexibility Act), which changes some of the components of the Paycheck Protection Program (PPP) provided under the Coronavirus Aid, Relief and Economic Security Act (CARES Act), was passed by the House of Representatives on May 28, 2020, and by the Senate on June 3, 2020. The PPP Flexibility Act is expected to be signed into law soon.
To read the full text of this Duane Morris Alert, please visit the firm website.
The new Paycheck Protection Flexibility Act (H.R. 7010), which focuses on small businesses and restaurants in particular, has passed the U.S. House of Representatives.
The bipartisan Paycheck Protection Flexibility Act,was introduced last week by Reps. Dean Phillips, D-Minnesota and Chip Roy, R-Texas, and is designed to extend the 8-week period under which loan recipients could spend PPP money to 24 weeks while helping correct other provisions that would provide more flexibility to small businesses in the hospitality realm.
To read the full text of this post by Duane Morris partner Brad Molotsky, please visit the Duane Morris Project Development/Infrastructure/P3 Blog.
