The Paycheck Protection Flexibility Act was written into law June 5, 2020 by President Trump

This Act allows some flexibility with the way the loan money is used to still receive forgiveness.

The key changes are as follows:

  • The 75% requirement of funds for payroll has been reduced to 60%
  • The 8-week period in which you had to use the funds is now extended out to 24 weeks
  • You now have until December 31, 2020 to restore workforce levels to pre-pandemic levels
  • You now have 5 years to pay back unforgiven loans instead of the previous 2-year timeline
  • You may also delay payments of payroll taxes which was originally prohibited under the CARES Act

More information will be forthcoming as it is made available, please check back often.