Released on Jun 11, 2020

New Law Gives Paycheck Protection Program Borrowers More Flexibility

On June 5, the “Paycheck Protection Program Flexibility Act” (H.R. 7010) was signed into law, giving physician practices and other businesses that have secured a Paycheck Protection Program (PPP) loan more time and flexibility for keeping employees on payroll and, consequently, eligibility for loan forgiveness.

On June 8, the U.S. Department of Treasury and Small Business Administration released a statement regarding enactment of the legislation, noting that rules and guidance, a modified borrower application form, and a modified loan forgiveness application implementing the legislative changes to the PPP will be forthcoming. 

Notable changes to the program include extending the covered period for forgiveness from eight weeks to 24 weeks following loan origination and lowering the amount of the loan that must be used on payroll costs from 75 to 60 percent, with the forgivable amount scaling in proportion to the amount spent on payroll during the forgiveness covered period. 


About Gastrointestinal Endoscopy
Gastrointestinal endoscopic procedures allow the gastroenterologist to visually inspect the upper gastrointestinal tract (esophagus, stomach and duodenum) and the lower bowel (colon and rectum) through an endoscope, a thin, flexible device with a lighted end and a powerful lens system. Endoscopy has been a major advance in the treatment of gastrointestinal diseases. For example, the use of endoscopes allows the detection of ulcers, cancers, polyps and sites of internal bleeding. Through endoscopy, tissue samples (biopsies) may be obtained, areas of blockage can be opened and active bleeding can be stopped. Polyps in the colon can be removed, which has been shown to prevent colon cancer.

About the American Society for Gastrointestinal Endoscopy
Since its founding in 1941, the American Society for Gastrointestinal Endoscopy (ASGE) has been dedicated to advancing patient care and digestive health by promoting excellence and innovation in gastrointestinal endoscopy. ASGE, with more than 15,000 members worldwide, promotes the highest standards for endoscopic training and practice, fosters endoscopic research, recognizes distinguished contributions to endoscopy, and is the foremost resource for endoscopic education. Visit www.asge.org and www.screen4coloncancer.org for more information and to find a qualified doctor in your area.

 

American Society for Gastrointestinal Endoscopy
3300 Woodcreek Drive Downers Grove, IL 60515
P (630) 573-0600
F (630) 963-8332
 www.asge.org
 www.screen4coloncancer.org

Media Contact

Andrea Lee
Director of Marketing and Communications
630.570.5603
ALee@asge.org