Responding to the needs of small businesses, the Senate passed legislation titled The Paycheck Protection Program Flexibility Act (PPPFA), also known as H.R.7010, on June 3, 2020.
The Paycheck Protection Program Flexibility Act revises the Paycheck Protection Program (PPP) in response to critiques, making it more flexible and offering small business owners increased access to loans.
Since the PPP launched on April 3, over 4.4 million loans have been distributed to small businesses, totaling over $500 billion in value. However, small business owners have overwhelmingly found the PPP too restrictive and clarified an urgent need for more elasticity in the program—specifically, SBOs sought more forgivable non-payroll expenses and a longer window in which to spend the funds. The Paycheck Protection Program Flexibility Act provides this.
