The recently enacted Paycheck Protection Program (PPP) Flexibility Act provides additional clarity and flexibility for small business owners to meet the requirements of the PPP loan program created by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, according to a release from the Mid-Atlantic Region of the U.S. Small Business Administration.
When the president signed the bipartisan legislation into law, it gave more time and discretion for when and how the loans can be spent to keep employees on payroll and keep up with accounts payable to further assist the nation’s economy’s recovery from COVID-19.
To date, the SBA’s Paycheck Protection Program has provided more than 4.5 million small businesses with well over $510 billion in potentially forgivable loans, directly ensuring 50 million American workers stay connected to their jobs, the release stated.
“Small businesses and their advocates at all levels of government have spoken consistently about the PPP; it w...
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