{"id":4589,"date":"2020-06-09T16:22:20","date_gmt":"2020-06-09T20:22:20","guid":{"rendered":"https:\/\/www.lindabury.com\/firm\/?p=4589"},"modified":"2024-03-20T12:57:17","modified_gmt":"2024-03-20T16:57:17","slug":"the-paycheck-protection-program-flexibility-act-makes-critical-changes-to-the-paycheck-protection-program","status":"publish","type":"post","link":"https:\/\/www.lindabury.com\/firm\/insights\/the-paycheck-protection-program-flexibility-act-makes-critical-changes-to-the-paycheck-protection-program.html","title":{"rendered":"The Paycheck Protection Program Flexibility Act Makes Critical Changes to the Paycheck Protection Program"},"content":{"rendered":"<p>On June 5, 2020, the Paycheck Protection Program Flexibility Act of 2020 (\u201cPPPFA\u201d) was signed into law.\u00a0 The PPPFA is aimed at providing borrowers with additional flexibility to maximize forgiveness of loans received under the Paycheck Protection Program (\u201cPPP\u201d) established as part of the CARES Act.\u00a0 The following provisions of the PPPFA are highlighted below for your consideration:<\/p>\n<ul>\n<li><strong>Extension of Application Period<\/strong>:\u00a0 The PPPFA extends the final date by which PPP loans can be made from June 30, 2020 to December 31, 2020.\u00a0 However, a congressional letter clarifies that June 30, 2020 remains the last day for accepting and approving PPP loans.\u00a0 Although additional guidance may be issued on whether applications will be accepted until December 31, 2020, employers should err on the side of caution and apply for loans prior to June 30, 2020.<\/li>\n<li><strong>Repayment Term is Extended:\u00a0 <\/strong>For those PPP loans originated on or after the date of enactment of the PPPFA, the repayment term for the unforgiven portion of the loan is extended from two to not less than five years.\u00a0 However, borrowers and lenders may mutually agree to expand the repayment period under existing loans (entered into prior to enactment of the PPPFA).<\/li>\n<\/ul>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.lindabury.com\/firm\/insights\/the-paycheck-protection-program-flexibility-act-makes-critical-changes-to-the-paycheck-protection-program.html\"  title=\"Continue Reading The Paycheck Protection Program Flexibility Act Makes Critical Changes to the Paycheck Protection Program\" class=\"more-link\">Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>On June 5, 2020, the Paycheck Protection Program Flexibility Act of 2020 (\u201cPPPFA\u201d) was signed into law.\u00a0 The PPPFA is aimed at providing borrowers with additional flexibility to maximize forgiveness of loans received under the Paycheck Protection Program (\u201cPPP\u201d) established as part of the CARES Act.\u00a0 The following provisions of the PPPFA are highlighted below [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[65,81,247],"tags":[],"coauthors":[185],"class_list":["post-4589","post","type-post","status-publish","format-standard","hentry","category-insights","category-estabrook","category-labor-employment-insights"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Paycheck Protection Program Flexibility Act Makes Critical Changes to the Paycheck Protection Program &#8212; June 9, 2020 &#8212; Lindabury, McCormick, Estabrook &amp; Cooper, P.C. Firm News &amp; Events<\/title>\n<meta name=\"description\" content=\"On June 5, 2020, the Paycheck Protection Program Flexibility Act of 2020 (\u201cPPPFA\u201d) was signed into law.\u00a0 The PPPFA is aimed at providing borrowers with\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.lindabury.com\/firm\/insights\/the-paycheck-protection-program-flexibility-act-makes-critical-changes-to-the-paycheck-protection-program.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Paycheck Protection Program Flexibility Act Makes Critical Changes to the Paycheck Protection Program &#8212; June 9, 2020 &#8212; Lindabury, McCormick, Estabrook &amp; Cooper, P.C. Firm News &amp; Events\" \/>\n<meta property=\"og:description\" content=\"On June 5, 2020, the Paycheck Protection Program Flexibility Act of 2020 (\u201cPPPFA\u201d) was signed into law.\u00a0 The PPPFA is aimed at providing borrowers with\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.lindabury.com\/firm\/insights\/the-paycheck-protection-program-flexibility-act-makes-critical-changes-to-the-paycheck-protection-program.html\" \/>\n<meta property=\"og:site_name\" content=\"Lindabury, McCormick, Estabrook &amp; Cooper, P.C. Firm News &amp; Events\" \/>\n<meta property=\"article:published_time\" content=\"2020-06-09T20:22:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-03-20T16:57:17+00:00\" \/>\n<meta name=\"author\" content=\"James K. Estabrook\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"James K. Estabrook\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"The Paycheck Protection Program Flexibility Act Makes Critical Changes to the Paycheck Protection Program &#8212; June 9, 2020 &#8212; Lindabury, McCormick, Estabrook &amp; Cooper, P.C. 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