Senate Approves Paycheck Protection Program Reform Bill

Last night, the Senate passed the Paycheck Protection Program reform bill. It was previously approved in the House in an almost unanimous decision at 417-1. The legislation officially titled the “Paycheck Protection Program Flexibility Act” is meant to provide more flexibility and accessibility for small businesses affected by the pandemic in terms of loan forgiveness. Senate Minority Leader Chuck Schumer said, “We can’t wait any longer. Businesses are really suffering for lack of these changes.” This is not an additional bill, but rather a modification to the CARES Act which was previously passed. Changes were made specifically for small businesses after many voiced issues and concerns the previous terms were way too restrictive and actually hurt small businesses. The bill will now be presented before President Trump to be officially signed.