Veteran landscape professional in the Colorado mountain community Bill Whittaker, Whittaker Landscape Services, suffered a fatal injury on May 4th, 2020 in an accident near his home.

“Bill was a man of high integrity, and anyone who knew him will attest to his great attitude and professionalism,” said Matt Mueller, Siloam Stone, Inc. “The landscape industry has certainly suffered a great loss with Bill’s passing.”

Today the Paycheck Protection Program Flexibility Act of 2020 was signed into law.

H.R.7010 - Paycheck Protection Program Flexibility Act of 2020 passed the House on May 28 and was approved by the Senate on June 3. A summary of the bill:

This bill modifies provisions related to the forgiveness of loans made to small businesses under the Paycheck Protection Program implemented in response to COVID-19 (i.e., coronavirus disease 2019).

Specifically, the bill establishes a minimum maturity of five years for a paycheck protection loan with a remaining balance after forgiveness. The bill also extends the covered period during which a loan recipient may use such funds for certain expenses while remaining eligible for forgiveness. The bill raises the non-payroll portion of a forgivable covered loan amount from the current 25% up to 40%.

The bill extends the period in which an employer may rehire or eliminate a reduction in employment, salary, or wages that would otherwise reduce the forgivable amount of a paycheck protection loan. However, the forgivable amount must be determined without regard to a reduction in the number of employees if the recipient is (1) unable to rehire former employees and is unable to to hire similarly qualified employees, or (2) unable to return to the same level of business activity due to compliance with federal requirements or guidance related to COVID-19.

Additionally, the bill revises the deferral period for paycheck protection loans, allowing recipients to defer payments until they receive compensation for forgiven amounts. Recipients who do not apply for forgiveness shall have 10 months from the program's expiration to begin making payments.

The bill also eliminates a provision that makes a paycheck protection loan recipient who has such indebtedness forgiven ineligible to defer payroll tax payments.

Lastly, the bill is designated as an emergency requirement pursuant to the Statutory Pay-As-You-Go Act of 2010 (PAYGO) and the Senate PAYGO rule.

Read the full bill text.

Read more about the act at Forbes.com.

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