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Paycheck Protection Flexibility Act Signed Into Law on June 5

PLSN Staff • News • June 5, 2020

WASHINGTON, DC – The Senate approved the House version of the Paycheck Protection Flexibility Act by voice vote late on June 3. President Trump signed the bill into law on June 5. The legislation, as its name indicates, allows PPP borrowers to extend the time frame for reimbursable PPP fund spending from eight to 24 weeks.

New PPP borrowers will also be eligible for reimbursable PPP spending over a 24-week span, but two key deadlines remain: The 24-week period cannot extend into 2021, and the deadline to apply for a PPP loan is still June 30.

During the June 4 webinar, Covid-19 Update for Live Event Professionals, lobbyist Chris Cushing noted that small business and gig workers are eligible for reimbursable PPP loans, but should apply ASAP. “You should really get on this tomorrow, if not this afternoon,” he said, during the June 4 webinar.

The June 4 webinar was recorded and can be seen at https://www.namm.org/online/2020/events/covid-19-update-live-event-professionals

For an at-a-glance look at the webinar’s slides, which includes details on the mid-April PLSN/FOH Covid-19 Entertainment Technology Economic Impact Survey, go to https://www.namm.org/sites/www.namm.org/files_public/resources/COVID-19_Update_FINAL.pdf

For more resources from NAMM including information on applying for PPP funding, go to www.namm.org/issues-and-advocacy/covid-19-updates-andresources-business

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