The SBA announced today that it intends to provide guidance on the Paycheck Protection Program Flexibility Act, enacted last week.

“SBA, in consultation with Treasury, will promptly issue rules and guidance, a modified borrower application form, and a modified loan forgiveness application implementing these legislative amendments to the PPP,” according to Monday’s statement by SBA Administrator Jovita Carranza and U.S. Treasury Secretary Steven T. Mnuchin.

Changes to the PPP include extending the covered period for loan forgiveness from eight weeks after the date of loan disbursement to 24 weeks after the date of loan disbursement, providing substantially greater flexibility for borrowers to qualify for loan forgiveness, according to the statement. Borrowers who have already received PPP loans retain the option to use an eight-week covered period.

The new rules also confirm that June 30, 2020, remains the last date on which a PPP loan application can be approved.

Read more about the most recent changes to the PPP in this June 4 New York’s State of Mind blog post.