On June 3rd Congress passed the PPP Flexibility Act which extended the Covered Period for the SBA Paycheck Protection Loans from 8 weeks to 24 weeks. But that’s not all. They also increased the Non-Payroll Cost threshold from 25% to 40%, extended the amount of time that companies have to retire FTEs, they extended the loan duration to 5 years, and added some additional safe harbors for the FTE calculation.
