With the enactment of the Paycheck Protection Program Flexibility Act, more than $129 billion in PPP funding is available for small
businesses, independent contractors, nonprofits, and tribal businesses whose operations were impacted by COVID-19. The Paycheck Protection Program Flexibility Act offers more flexibility, such as extension of time to spend loan proceeds from eight weeks to 24 weeks and expansion in percentage of funds that can be used for non-payroll expenses.
More details are found in Jovita Carranza’s, SBA Administrator, and Steven T. Mnuchin’s, U.S. Treasury Secretary, joint statement.