Bill is Passed for Eased Restrictions on PPP Loan

June 3, 2020 Media Mentions

On June 3, the Senate passed the Paycheck Protection Flexibility Act, easing the restrictions on how businesses spend their Paycheck Protection Program (PPP) loans, which may allow small business owners more room for qualifying for loan forgiveness. The new statute will give businesses more time to spend the loan and eases rules on how the money must be spent.

Business law attorney and author of several PPP guideline articles, Greg Fryer, is quoted multiple times in the Forbes article, "Why PPP Loan Forgiveness Might Get Easier." Although many more companies will now more easily qualify for 100% forgiveness, the application that a company must submit to seek forgiveness remains highly technical and time-consuming. Greg is hopeful that the large payroll companies will develop PPP payroll reports that make it easier for companies to complete the application.

For more information and to read the full Forbes article, click here.