On the morning of Friday, June 5th, the President signed the Paycheck Protection Program Flexibility Act into law that brings significant changes to the terms of the Paycheck Protection Program (PPP). Below is a list of the critical loan terms that have been updated under this new law, along with a few points that still need clarification.
We anticipate new FAQs and Interim Final Rules to be issued soon addressing these updated terms. We continue to monitor these updates and will keep you informed with any new information or guidance.
What Remains Uncertain
There are several questions that remain unknown at this time that we hope will be addressed in upcoming FAQs and Interim Final Rules, including: