On June 3, 2020 the U.S. Senate passed the Paycheck Protection Flexibility Act, which extends the time allotted for Paycheck Protection Program (PPP) borrowers to spend their PPP funds and still qualify for forgiveness of the loans. The new legislation also changes the amount of the PPP funds required to be spent on payroll from 75% down to 60%.

 

Read more on the main points of this new legislation in this article from the AICPA:

PPP forgiveness changes coming as Senate passes House bill