Last week, the U.S. Senate passed and President Trump signed the Paycheck Protection Program (PPP) Flexibility Act, giving businesses more leeway on how and when to spend the loan funds. Originally, loan recipients needed to spend their funds within eight weeks of receipt. That time limit has been expanded to 24 weeks under the new law. No new loans can be approved after June 30, 2020.
OMA Connections Partner Gilmore Jasion Mahler has posted this recording of its June 10 webinar that examines changes under the new PPP law as businesses work to manage their loans and ensure forgiveness. Also, OMA Connections Partner Crowe has published this summary of the new law. 6/10/2020