President Donald Trump on Friday, June 5, signed legislation offering more flexibility for a program meant to provide aid to small businesses adversely impacted by the coronavirus.
The Paycheck Protection Program Flexibility Act addresses many concerns expressed by the small business community around the Paycheck Protection Program (PPP).
The bill extends the window for businesses to spend loans granted under the program. It also adjusts a 75-25 ratio included in the March PPP bill requiring businesses to spend 75% of the loan on payroll and 25% on other fixed costs to a 60-40 ratio. Learn more.