In a stroke of fortune for Paycheck Protection Program (PPP) borrowers past and future, a list of modifications to make PPP loan terms more favorable was separated from a larger and more controversial House relief bill, making its own way into law when President Trump signed it on June 5.
Rep. Dean Phillips (D-Minnesota) proposed the Paycheck Protection Program Flexibility Act of 2020 in late May. The House passed it 417-1, the sole objection coming from Rep. Thomas Massie (R-Kentucky). Several days later, the Senate managed concerns from a few of its own members and passed the bill via unanimous consent.