On June 5, 2020, President Trump signed the Paycheck Protection Program Flexibility Act (the Flexibility Act), which changes several important aspects of the Paycheck Protection Program (PPP). The Small Business Administration (SBA) issued guidance on June 11, 2020, to modify the first interim final rule (issued April 2) to conform to the provisions of the Flexibility Act. Further guidance was published on June 17, 2020, revising the third and sixth interim final rules to conform to the Flexibility Act. In addition, further revisions to the first interim final rule were made on June 12, 2020, to promote the criminal justice reform policies underlying the First Step Act of 2018. The rules have been frequently changing and difficult for many borrowers to keep up with. The most recent updates are summarized below.

From modifications to the Paycheck Protection Program to temporary IRS procedures allowing the electronic submission of requests for advice, we have recently seen some significant developments in estate planning and business law. To ensure that you stay abreast of these legal changes, we’ve highlighted a few noteworthy developments and analyzed how they may impact your estate planning and business law practice.

After more than two months of being in lockdown due to the coronavirus, states across the country are slowly starting to reopen (see NYT's interactive map). With restrictions lifting, many businesses are itching to return to physical workspaces. But with federal, state, and local safety guidelines to contend with, resuming “business as usual” is just not possible (at least for the foreseeable future).