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Congress Enhances Payroll Protection Program for Businesses

The United States Senate on Wednesday, June 3rd, approved H.R. 7010, the Paycheck Protection Flexibility Act, which provides enhancements to the Paycheck Protection Program implemented under the CARES Act to assist small businesses impacted by the ongoing COVID-19 pandemic. The legislation, which was previously approved by the U.S. House now heads to President Trump for his signature. The new law will extend the period the recipients have to use the loan from 8 weeks to 24 weeks, and it gives business owners more time to rehire employees that have been laid off in order to remain eligible for the loans.

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