On June 5th, President Trump approved the transition of the PPP into the PPPFA, also known as the Paycheck Protection Program Flexibility Act. This new law permits businesses to exhaust funding until the end of 2020, as opposed to the originally mandated eight weeks. In addition, it rearranges funding allocation to 60% for payroll and a cumulative 40% for rent, mortgage payments, utilities, and interest on loans. Also, instead of having two years to pay back, you now have five; this puts all businesses in a better financial position while we combat COVID-19.

At this time, the government is also considering releasing a second stimulus check plan to the general public. However, the civil unrest following recent altercations in Minnesota means this stimulus check is unlikely to come anytime soon

One thing for business owners to keep an eye out is how the government may address the possibility of reduction of liability for business owners due to coronavirus-related lawsuits. Hopefully, the government will release rulings in regard to this matter soon, as it is on every business owner’s mind.