Skip to the main content.

1 min read

Paycheck Protection Program Flexibility Act of 2020

Paycheck Protection Program Flexibility Act of 2020

On June 5th, 2020 the Paycheck Protection Program Flexibility Act of 2020 was signed into law. The Act eases restrictions on how businesses can spend their Paycheck Protection Program (PPP) funds, giving business owners a better chance of qualify for loan forgiveness. 

The Act:

  • Lengthens the allowable timeframe to spend PPP funds from eight to 24 weeks
  • Lowers the percentage of PPP funds that must be spent on payroll from 75% to 60%
  • Extends the covered period for the loan to December 31, 2020
  • Authorizes a delay of employer tax payments through the end of 2020
  • Waives the reduction in loan forgiveness if a business can show that some employees declined to return to their jobs 
  • Extends the payback period from two to five years for those who need it

Apply for PPP Loan Forgiveness

More Paycheck Protection Program Resources

Back to Covid-19 Resources

Get Started With PayNW
Cannabis Payroll Tax Reporting: Requirements for Busineses

Cannabis Payroll Tax Reporting: Requirements for Busineses

The cannabis industry is thriving, but navigating the complex web of regulations, particularly those surrounding payroll and tax reporting, can be a...

Read More
How to Track Cannabis Business Expenses and Revenue

How to Track Cannabis Business Expenses and Revenue

The cannabis industry is flourishing, but keeping track of finances can be a challenge, especially with federal restrictions on traditional banking...

Read More
Paperless Payroll: Benefits of Electronic Pay

Paperless Payroll: Benefits of Electronic Pay

Is your company still clinging to the outdated practice of paper checks? Businesses should consider joining the growing number of organizations...

Read More