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Senate gives unanimous approval to PPP Flexibility Act

On Behalf of | Jun 3, 2020 | Business Law

The PPP Flexibility Act is now heading to President Trump’s desk, following a unanimous vote by the Senate Wednesday evening.

The legislation was previously passed by the House, by a 417-1 vote, reflecting a strong desire to expand the forgiveness of small-business loans. The most noteworthy provision is an extension of the 8-week covered period to 24 weeks. Read the entire bill here. My summary of the bill is here.

Sen. Ron Johnson threatened to hold up the bill based on a perceived drafting error, but he conceded when the Senate informally agreed to a later fix.

Cavitch will be advising lenders and borrowers on forgiveness applications, the timeline for which is now extended by about 3 months. Please contact me at [email protected] for more information.

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