PPP DEAL Act

II 116TH CONGRESS 2D SESSION S. 3714 To extend the covered period for loan forgiveness and the rehiring period under the CARES Act, and for other purposes. IN THE SENATE OF THE UNITED STATES MAY 13, 2020 Mr. MANCHIN (for himself, Mr. ROMNEY, Mr. LEAHY, Mr. GARDNER, and Mr. WYDEN) introduced the following bill; which was read twice and referred to the Committee on Small Business and Entrepreneurship A BILL To extend the covered period for loan forgiveness and the rehiring period under the CARES Act, and for other purposes. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘PPP Deadline Exten- 4 sion Adjustment for Loans Act’’ or the ‘‘PPP DEAL 5 Act’’. 6 VerDate Sep 11 2014 15:43 Jun 02, 2020 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S3714.IS S3714 pamtmann on DSKBC07HB2PROD with BILLS 2 •S 3714 IS SEC. 2. EXTENSION OF LOAN FORGIVENESS PERIOD AND 1 REHIRING PERIOD UNDER CARES ACT. 2 Section 1106 of the CARES Act (Public Law 116– 3 136) is amended— 4 (1) in subsection (a)(3), by striking ‘‘8-week’’ 5 and inserting ‘‘16-week’’; and 6 (2) in subsection (d)(5)(B), by striking ‘‘June 7 30, 2020’’ each place that term appears and insert- 8 ing ‘‘the date that is 16 weeks after the date of the 9 origination of the covered loan’’. 10 Æ VerDate Sep 11 2014 15:43 Jun 02, 2020 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\S3714.IS S3714 pamtmann on DSKBC07HB2PROD with BILLS