HR 6886
Paycheck Protection Program Flexibility Act of 2020
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
This bill, the Paycheck Protection Program Flexibility Act of 2020, makes changes to the Paycheck Protection Program (PPP) loans designed to provide more flexibility for small businesses. It extends the timeframe businesses have to use loan funds, allows for a longer repayment period on forgiven loans, and removes restrictions on how much of a loan can be used for expenses other than payroll. Importantly, the bill also eliminates a rule that prevented forgiven PPP loan recipients from deferring payroll tax payments.
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