Elizabeth Stork Discusses Next Round of PPP Funding with Law360

On July 1, the U.S. House of Representatives passed a Senate-backed bill to extend the Paycheck Protection Program for small businesses through August 8 as a stopgap measure, allowing time for Congress to come to a consensus on a second piece of pandemic relief legislation. The bill was supported by both Democrats and Republicans, as leaders from both parties have acknowledged that small businesses will need relief for many more months than initially anticipated. President Trump signed the bill into law on July 3.

Law360 published a piece about the bill, which discusses what application trends we may see from small businesses as the pandemic continues.

Quoting RPJ Associate Elizabeth Stork, the article notes, “Companies that previously may not have been able to use the PPP for payroll costs may have reason to apply for the loans now,” considering that in areas where Covid-19 transmission has declined, more businesses are reopening. She adds, “Businesses will also be able to benefit from the increased flexibility in loan terms and forgiveness restrictions from the PPP Flexibility Act, which was signed into law in June.”

Read the full article on Law360 here, and for more on the PPP Flexibility Act, check out our earlier post: “PPP Flexibility Act Changes Loan Forgiveness Rules”