Relaxed Requirements: Paycheck Protection Program Flexibility Act of 2020
Nonprofits and businesses with forgivable loans through the CARES Act’s Paycheck Protection Program (PPP) can rest a little easier, thanks to the Paycheck Protection Program Flexibility Act of 2020. On June 5, 2020, President Trump signed into law significant modifications to the CARES Act, shortly after the U.S. Senate’s unanimous approval. These modifications provide extensions and other relief to current and prospective PPP loan recipients, including timing and operational aspects.