Poyner Spruill Welcomes Education Law Practice Group

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Companies and sole proprietors with PPP loans have been scrambling to maximize their 8-week loan forgiveness. The Paycheck Protection Program Flexibility Act, which eases the forgiveness rules, will likely come as welcome relief for many employers. The PPPFA passed the Senate on June 3, 2020, and the President is expected to sign the act in to law very quickly.

The PPPFA does not change the deadline for applying for a PPP loan—that deadline remains June 30. However, many of the other requirements have been relaxed. Key changes to the PPP program include the following:

All PPP borrowers should evaluate their strategy in light of this new legislation. Poyner Spruill attorneys can provide guidance and strategies to help companies derive the maximum benefit from their PPP loans.

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