PPP TIME Act

II 116TH CONGRESS 2D SESSION S. 3859 To extend the covered period for the paycheck protection program, and for other purposes. IN THE SENATE OF THE UNITED STATES JUNE 1, 2020 Mrs. LOEFFLER introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To extend the covered period for the paycheck protection program, 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 ‘‘Paycheck Protection 4 Program Timeframe Modification and Extension Act’’ or 5 the ‘‘PPP TIME Act’’. 6 SEC. 2. AMENDMENTS TO THE PAYCHECK PROTECTION 7 PROGRAM AND LOAN FORGIVENESS. 8 (a) EXTENSION OF COVERED PERIOD FOR PAY- 9 CHECK PROTECTION PROGRAM.—Section 7(a)(36)(A)(iii) 10 VerDate Sep 11 2014 17:39 Jun 20, 2020 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S3859.IS S3859 pamtmann on DSKBC07HB2PROD with BILLS 2 •S 3859 IS of the Small Business Act (15 U.S.C. 636(a)(36)(A)(iii)) 1 is amended by striking ‘‘June 30, 2020’’ and inserting 2 ‘‘August 15, 2020’’. 3 (b) LOAN FORGIVENESS.—Section 1106 of the 4 CARES Act (Public Law 116–136) is amended— 5 (1) in subsection (a)(3), by striking ‘‘the 8-week 6 period’’ and inserting ‘‘any 8-week period, as se- 7 lected by an eligible recipient, occurring during the 8 24-week period’’; and 9 (2) in subsection (d)— 10 (A) in paragraph (5)(B), by striking ‘‘June 11 30, 2020’’ each place that term appears and in- 12 serting ‘‘August 15, 2020’’; 13 (B) by redesignating paragraph (6) as 14 paragraph (7); and 15 (C) by inserting after paragraph (5) the 16 following: 17 ‘‘(6) AMOUNT OF PAYROLL COSTS.—For pur- 18 poses of determining eligibility for and the amount 19 of loan forgiveness under this section, the Adminis- 20 trator may not require an eligible recipient to use 21 more than 50 percent of the proceeds of a covered 22 loan for payroll costs.’’. 23 (c) APPLICATION.—The amendments made by this 24 section shall apply to loans made under section 7(a)(36) 25 VerDate Sep 11 2014 17:39 Jun 20, 2020 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\S3859.IS S3859 pamtmann on DSKBC07HB2PROD with BILLS 3 •S 3859 IS of the Small Business Act (15 U.S.C. 636(a)(36)) before, 1 on, or after the date of enactment of this Act. 2 SEC. 3. DELAY OF PAYMENT OF EMPLOYER PAYROLL 3 TAXES. 4 (a) IN GENERAL.—Section 2302(a) of the CARES 5 Act (Public Law 116–136) is amended by striking para- 6 graph (3). 7 (b) EFFECTIVE DATE.—The amendment made by 8 subsection (a) shall be effective as if included in the 9 CARES Act (Public Law 116–136) and shall apply to any 10 loan made pursuant to section 7(a)(36) of the Small Busi- 11 ness Act (15 U.S.C. 636(a)(36)) or section 1109 of the 12 CARES Act (Public Law 116–136). 13 Æ VerDate Sep 11 2014 17:39 Jun 20, 2020 Jkt 099200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6301 E:\BILLS\S3859.IS S3859 pamtmann on DSKBC07HB2PROD with BILLS