On March 27, 2020, the President signed the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) into law providing, among other relief, up to $349 billion to fund loans to small businesses affected by the outbreak of COVID-19 (the “Paycheck Protection Program”). On April 24, 2020, funding for the Paycheck Protection Program was reauthorized in the amount of $310 billion when the President signed H.R.266 – the Paycheck Protection Program and Health Care Enhancement Act into law.

On June 3, 2020, H.R – 7010 – the Paycheck Protection Program Flexibility Act of 2020 (the “PFA”) was passed by the Senate (after being passed by the House last week) and is currently awaiting signature from the President so that it can become law. If this newest legislation becomes law, it will dramatically change the framework of the Paycheck Protection Program, greatly benefiting borrowers and their ability to achieve loan forgiveness.