Client Advisory: Senate Approves Key PPP Changes; Trump Expected to Sign Into Law Shortly

On June 3, 2020, the US Senate unanimously approved a previously-passed House of Representatives bill that amends key portions of the SBA’s Payroll Protection Program (“PPP”). Among the important changes are the percentage of loan proceeds that must be spent on payroll costs for full forgiveness to apply, the term of the loan, and the “covered period.” We expand on these items and other important details in our latest alert.