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Coronavirus Update: President Signs New Paycheck Protection Program Changes into Law Offering Greater Flexibility

By Mana Elihu Lombardo, Stephanie Marcantonio, Amy Laderberg O'Sullivan, Paul J. Pollock, Olivia Lynch & Scott Douglas
June 12, 2020
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On June 5, 2020, President Trump signed the Paycheck Protection Program Flexibility Act of 2020, which makes important changes to many aspects of the Paycheck Protection Program (PPP), including extending the minimum maturity period, extending the forgiveness period, reducing the payroll cost limitation on forgiveness, while eliminating forgiveness if such reduced threshold is not met, adding exemptions to employee rehiring requirements, revising the loan deferral period, and lifting the CARES Act’s prohibition on payroll tax deferral.  In light of the these changes, particularly with respect to the length of the forgiveness period, we anticipate that the Small Business Administration will update the PPP Loan Forgiveness Application.  We discuss the PPP Flexibility Act’s changes in detail here.

Crowell & Moring will continue to monitor and provide updates regarding developments in the PPP.

Photo of Mana Elihu Lombardo Mana Elihu Lombardo
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Photo of Stephanie Marcantonio Stephanie Marcantonio

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Photo of Amy Laderberg O'Sullivan Amy Laderberg O'Sullivan
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Photo of Paul J. Pollock Paul J. Pollock
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  • Posted in:
    Administrative, Corporate Compliance
  • Blog:
    Government Contracts Legal Forum
  • Organization:
    Crowell & Moring LLP
  • Article: View Original Source

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