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President Signs Paycheck Protection Flexibility Act

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President Signs Paycheck Protection Flexibility Act

President Trump today signed the Paycheck Protection Program (PPP) Flexibility Act of 2020, which amends PPP terms in favor of loan recipients, into law.

The act establishes a minimum maturity of five years for a loan with a remaining balance after forgiveness. It also extends the covered period during which loan funds may be used for certain expenses. (The original covered period was eight weeks from the date of loan origination and ended on June 30. It is now extended to 24 weeks after the loan origination or Dec. 31, 2020.) 

And it extends the period of time in which a business may rehire furloughed workers and restore wages to maximize loan forgiveness.

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