In an effort to address obstacles faced by small businesses seeking relief under the Paycheck Protection Program (“PPP”) and the provisions of the Coronavirus, Aid, Relief and Economic Security Act (CARES Act) the U.S. Senate passed the Paycheck Protection Program Flexibility Act of 2020 on June 3, 2020 (the “Act’), which Act has now been signed into law by the President. As the Act’s name suggests, it is intended to provide more flexibility for PPP borrowers by amending certain provisions of the CARES Act as highlighted below:
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