Notwithstanding the above, more changes will likely be coming again regarding the Paycheck Protection Program and its loan forgiveness provisions, as the US House yesterday passed the Paycheck Protection Program Flexibility Act (HR 7010) and sent it to the US Senate. The legislation, if passed by the Senate and signed into law by the President, makes a number of critical changes to the PPP, primary amongst them is an addition of 16 weeks to the 8 week covered period (for a new total of 24 weeks) and the extension of the June 30 termination date to December 31, 2020. In addition, in cases where the borrower seeks maximum loan forgiveness, the cap on eligible non-payroll expenses (rent, mortgage and/or utilities) is increased to 40% of the total loan amount. Furthermore, the bill extends from two to five years the term within which new PPP loans must be paid back and it restores payroll tax deferment for PPP borrowers. At this juncture, it is uncertain whether the Senate will consider this exact House bill or introduce its own version for deliberation. Either way, many of the significant issues with PPP raised by restaurant interests will likely be addressed within the next few weeks. Stay tuned for more updates . . .