Many business owners turned to the Paycheck Protection Program to help cover their payroll expenses when trying to operate during the midst of the Coronavirus Pandemic. In June 2020, the Paycheck Protection Program Flexibility Act was passed on to make it easier to use and take advantage of the PPP loans. Businesses will now have 24 weeks to restore payroll and can use 40% of the forgiven amount for non-payroll costs as defined in the original act. However, great care should be exercised accounting for the 60% used for payroll. It’s a firm boundary – businesses must use at least 60% of the total loan amount for payroll or no forgiveness will be available. The remaining 40% can now be used for qualified non-payroll costs (previously just 25%). You also may have up to December 31st, 2020 to use the funds.