S. 3714, PPP Deadline Extension Adjustment for Loans Act
Summary
S. 3714, the PPP Deadline Extension Adjustment for Loans Act (also cited as the PPP DEAL Act), was introduced in the Senate on May 13, 2020 by Mr. Manchin (for himself, Mr. Romney, Mr. Leahy, Mr. Gardner, and Mr. Wyden) and referred to the Committee on Small Business and Entrepreneurship. Its stated purpose is to extend the covered period for loan forgiveness and the rehiring period under the CARES Act. Section 2 amends section 1106 of the CARES Act by striking "8-week" and inserting "16-week" in subsection (a)(3). It also changes subsection (d)(5)(B) to refer to the date that is 16 weeks after the date of the origination of the covered loan.
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Cite this document
“S. 3714, PPP Deadline Extension Adjustment for Loans Act.”
Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/bills-bills-116s3714is-bills-116s3714is/
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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.
1 Be it enacted by the Senate and House of Representa-
2 tives of the United States of America in Congress assembled,
3 SECTION 1. SHORT TITLE.
4 This Act may be cited as the ‘‘PPP Deadline Exten-
5 sion Adjustment for Loans Act’’ or the ‘‘PPP DEAL
6 Act’’.
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1 SEC. 2. EXTENSION OF LOAN FORGIVENESS PERIOD AND
2 REHIRING PERIOD UNDER CARES ACT.
3 Section 1106 of the CARES Act (Public Law 116–
4 136) is amended—
5 (1) in subsection (a)(3), by striking ‘‘8-week’’
6 and inserting ‘‘16-week’’; and
7 (2) in subsection (d)(5)(B), by striking ‘‘June
8 30, 2020’’ each place that term appears and insert-
9 ing ‘‘the date that is 16 weeks after the date of the
10 origination of the covered loan’’.
Æ
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