On 6/5/2020, the Paycheck Protection Program Flexibility Act of 2020 was signed into law. Among other things, this act amends the Paycheck Protection Program (PPP) by giving borrowers more time to spend loan funds received through the PPP program and still obtain forgiveness. Instead of the initial 8 weeks borrowers had to spend loan proceeds (typically on payroll expenses), borrowers now have 24 weeks to do so. IN addition, the new law amends the PPP program to reduce mandatory payroll expenses from 75% to 60%.

The PPP Flexibility Act of 2020 can be found here.

Adam Witmer

Adam Witmer is a speaker, author, and founder of the Compliance Cohort. Adam has taught hundreds of seminars and training sessions to thousands of bankers throughout the United States and teaches on all areas of regulatory compliance. Adam has written five e-books that he never published, hit a grizzly bear while driving in a National Park, and is an award winning photographer and musician (though he no longer takes photos nor plays any instruments). In his spare time, Adam can be found kayaking on the lake, doing taekwondo with his kids, working on his (project) house, or spending time with his family.

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