Senate gives unanimous approval to PPP Flexibility Act
03 Jun 2020
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 firstname.lastname@example.org for more information.Tags: Business Law, Capital and Finance