The U.S. Senate has passed the Paycheck Protection Program Flexibility Act that would increase the program’s loan period for borrowers seeking forgiveness from eight weeks to six months. The legislation would also expand the ability of small businesses to use PPP funds to pay rent, mortgages, utilities, and other essential business costs. The bill keeps the obligations requiring recipients seeking loan forgiveness to avoid layoffs and provide worker protections. The House of Representatives had previously passed the bill, and the president is expected to sign it into law.

“This is good legislation that will help many small businesses survive during the ongoing COVID-19 economic and public health crisis,” said NAIFA CEO Kevin Mayeux. “NAIFA is thankful to lawmakers for recognizing that small business owners, many of whom are NAIFA members or are served by NAIFA members, will benefit from greater flexibility under the Paycheck Protection Program, permitting them to be an important driving force in the economic recovery for the good of all Americans.”

To learn more about the PPP, including changes under the new legislation, join us for the NAIFA Town Hall: “Paycheck Protection Program: Round Two,” featuring Keith Gillis, on June 18 at noon (EDT).