Paycheck Protection Plan loan borrowers are breathing a huge sigh of relief. In the afternoon hours of June 3rd, the Senate unanimously passed by voice vote the Paycheck Protection Plan Flexibility Act. This bill had been approved by the House last week on May 28th. The House’s vote was 417-1 with the lone dissent by Representative Thomas Massie (R-Ky).
As the bill heads to the Administration's desk for signature, across the country, tax professionals are starting to get greater guidance to help their clients who took PPP loans.