Paycheck Protection Program Flexibility Act Signed: An In-Depth Analysis for Banks and Credit Unions

Sal Trifilio

June 05, 2020

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The Paycheck Protection Program Flexibility Act was officially signed into law by the President this morning, following a unanimous voice vote in the Senate on Wednesday. The legislation was only introduced on May 26, just a week ago, underscoring the urgency Congress felt to correct some of the wrongs of the original Paycheck Protection Program.

If you caught our coverage of the PPPFA yesterday, then you’re already aware of some of the highest-level takeaways from the legislation. However, given the significant changes to timing and other aspects of PPP Forgiveness, we wanted to take some time to give our banks and credit unions an in-depth analysis of the new legislation.

In that effort, we modified our most recent Weekly Platform Demo to break down the legislation and to cover the following important topics:

  • How the new legislation significantly changes the original Paycheck Protection Program
  • Other changes that are likely to come as a result of further guidance from the SBA and Treasury Department
  • A breakdown of how the new legislation makes it easier for borrowers to qualify for PPP Forgiveness
  • How timeframes have been extended for borrowers
  • Changes to PPP loan terms, both new and retroactively
  • What wasn’t included in the legislation

With the rapidly shifting nature of the Paycheck Protection Program, it’s important that lenders stay as updated as possible for both their institutions sake and for the sake of their borrowers.

Join our team in this on-demand webinar to better understand the new legislation and how it will be impacting your institution. And, don’t forget to register for our upcoming Weekly Insight Session on Tuesday, June 9 where we’ll share further analysis on new developments to PPP.

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