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PPP Flexibility Act Offers Revised Deadlines, Forms – and More Questions

July 24, 2020 CGS3 Coronavirus/COVID-19

As part of continuing efforts to address ambiguities encountered in the CARES Act, on June 5, President Donald Trump signed the Paycheck Protection Program Flexibility Act into law, amending the original Paycheck Protection Program and offering further clarity on its rules and restrictions.  The Small Business Bureau follow suit shortly after, revising the full PPP loan forgiveness application and issuing the new Form 3508EZ – a shorter, borrower-friendly form requiring fewer calculations and less documentation.  However, issues and questions remain, especially for small businesses.

In a recent article for Law360, CGS3 partner Phil Jelsma  provides a thorough analysis of the PPPFA’s expanded 24-week spending window, the SBA’s new short form and their interim final rules, and offers important considerations for business owners seeking to maximize their PPP loan.

Read the full article from Law360 here  (subscription required).