A week after the House passed a bill, 417-1, to alter the terms of the Paycheck Protection Program, the Senate passed the bill by unanimous consent, and President Donald Trump signed the bill June 5 to change the terms of the loans more than two months after the program was launched.
The bill, HR 7010, also known as the PPP Flexibility Act, contains two major changes involving the length of time for the covered period for funds to be used, as well as the amount of funding which must be spent on payroll.
Read on for details of the changes.