On June 5, 2020, H.R. 7010, entitled the “Paycheck Protection Program Flexibility Act” (the “PPPFA”), was signed into law. The PPPFA significantly modified certain of the existing rules related to the forgiveness of PPP loans in an effort to provide borrowers more flexibility with respect to the use of PPP loan proceeds. This Client Alert, written by Anthony Zeoli, details the changes in the rules.
