PPP DEAL Act

I 116TH CONGRESS 2D SESSION H. R. 6981 To extend the covered period for loan forgiveness and the rehiring period under the CARES Act, and for other purposes. IN THE HOUSE OF REPRESENTATIVES MAY 22, 2020 Mr. LAMB (for himself, Mrs. FLETCHER, and Mr. FITZPATRICK) introduced the following bill; which was referred to the Committee on Small Business 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 SEC. 2. EXTENSION OF LOAN FORGIVENESS PERIOD AND 7 REHIRING PERIOD UNDER CARES ACT. 8 Section 1106 of the CARES Act (Public Law 116– 9 136) is amended— 10 VerDate Sep 11 2014 03:37 Jun 14, 2020 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H6981.IH H6981 pbinns on DSKJLVW7X2PROD with BILLS 2 •HR 6981 IH (1) in subsection (a)(3), by striking ‘‘8-week’’ 1 and inserting ‘‘16-week’’; and 2 (2) in subsection (d)(5)(B), by striking ‘‘June 3 30, 2020’’ each place that term appears and insert- 4 ing ‘‘the date that is 16 weeks after the date of the 5 origination of the covered loan’’. 6 Æ VerDate Sep 11 2014 03:37 Jun 14, 2020 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\H6981.IH H6981 pbinns on DSKJLVW7X2PROD with BILLS