Senate passes key
Paycheck Protection Flexibility Act
June 3rd, 2020.
With nearly unanimous support the Senate passed the Paycheck Protection Flexibility Act. The legislation will now go to the President for signature.
The bill extends the time within which recipients of PPP loans can spend the proceeds. It also reduces the amount that is required to be spent on wages from 75% to 60% of the loan amount making it easier for businesses to benefit from the loans.