The PPP Flexibility Act amends several provision of the Paycheck Protection Program:
Borrowers now have 24 weeks to spend PPP loan proceeds, up from 8 weeks.
Reduces mandatory payroll spending from 75% to 60%.
Time to pay off the loan has been extended to five years instead of 2.
Extending the time a borrower can qualify for the FTE and Salary Wage reduction safe harbors.