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UPDATE! Senate Passes PPP Flexibility Act
 
 This update is brought to you by our contributing member – Butzel Long

 
On Wednesday evening (June 3), the U.S. Senate passed the Paycheck Protection Program Flexibility Act. This act was originally passed by the House on May 28 and is expected to be signed into law quickly.
 
The Flexibility Act modifies several provisions of the PPP loan program, including extending the covered period for qualifying expenditures to 24 weeks and reducing the required minimum percentage of payroll costs that may be included for forgiveness from 75% to 60%.
 
Click below to learn what this means for PPP borrowers!
 
 
Legislation to Incentivize the Return to Work Introduced in the US House
 
Legislation was introduced in Congress earlier this week to addresses many of the key concerns raised by the employer community as it relates to expanded unemployment insurance (UI) benefits authorized under the federal CARES Act.
 
Under the CARES Act, Congress provided $600 per week in supplemental UI benefits. These benefits are available in addition to regular state UI benefits and were offered to provide economic relief for workers who lost their jobs or have been unable to work due to the COVID-19 pandemic. 
 
Michigan Festivals and Events Association
 
 

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