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New Law Provides Additional Relief for Paycheck Protection Program Participants

On June 5, 2020, the Paycheck Protection Program Flexibility Act (PPPFA) was signed into law to provide additional relief to Paycheck Protection Program (PPP) participants. Among the changes addressed by the PPPFA are the following: 1. The share of loan proceeds that is to be allocated for payroll expenses is now 60% vs initial 75%, thus, freeing up 40% of the loan proceeds for rent, utilities and mortgage interest. This change is aimed to help small businesses operating in h

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