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[PPP] Loan maturity now 5 years, 6.10.20

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According to the American Hotel & Lodging Association, based on the enactment of the Paycheck Protection Program Flexibility Act, the maturity of all loans approved on or after June 5, 2020, will be for 5 years. The U.S. Small Business Administration’s E-Tran loan system has been updated to reflect that all loans will automatically reflect the 5-year maturity when submitted and approved. Loans approved and/or funded prior to June 5, 2020, with the 2-year maturity may be extended by the lender and borrower mutually agreeing to a 5-year maturity.