The Paycheck Protection Program Flexibility Act signed into law on June 5 eases some restrictions—like the spending timeline and parameters—but the adjustments don’t relieve the frustrations lenders and borrowers have expressed about the forgiveness application process.
The bipartisan legislation, introduced by Democratic Rep. Dean Phillips last month , has been eagerly anticipated by the hospitality industry, said Ben Wogsland, director of government relations for Hospitality Minnesota.
“This change is coming a little later than we would have liked for some people,” he said. “This is definitely going to help them in a big big way. It will make it so that more hospitality businesses are actually able to hit the metrics of the programs to be able to get the loans forgiven. That said, there’s open questions about how much more relief this industry may need to survive.” Continue reading.