S. 3859, PPP TIME Act
Summary
S. 3859, the PPP TIME Act, was introduced June 1, 2020 by Mrs. Loeffler and referred to the Committee on Finance. It is a bill to extend the covered period for the paycheck protection program. It would strike June 30, 2020 and insert August 15, 2020, and let an eligible recipient select any 8-week period occurring during the 24-week period for loan forgiveness. The Administrator could not require an eligible recipient to use more than 50 percent of the proceeds of a covered loan for payroll costs. It also amends the CARES Act delay of payment of employer payroll taxes by striking paragraph (3).
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Cite this document
“S. 3859, PPP TIME Act.”
Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/bills-bills-116s3859is-bills-116s3859is/
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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.
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 ‘‘Paycheck Protection
5 Program Timeframe Modification and Extension Act’’ or
6 the ‘‘PPP TIME Act’’.
7 SEC. 2. AMENDMENTS TO THE PAYCHECK PROTECTION
8 PROGRAM AND LOAN FORGIVENESS.
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9 (a) EXTENSION OF COVERED PERIOD FOR PAY-
10 CHECK PROTECTION PROGRAM.—Section 7(a)(36)(A)(iii)
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1 of the Small Business Act (15 U.S.C. 636(a)(36)(A)(iii))
2 is amended by striking ‘‘June 30, 2020’’ and inserting
3 ‘‘August 15, 2020’’.
4 (b) LOAN FORGIVENESS.—Section 1106 of the
5 CARES Act (Public Law 116–136) is amended—
6 (1) in subsection (a)(3), by striking ‘‘the 8-week
7 period’’ and inserting ‘‘any 8-week period, as se-
8 lected by an eligible recipient, occurring during the
9 24-week period’’; and
10 (2) in subsection (d)—
11 (A) in paragraph (5)(B), by striking ‘‘June
12 30, 2020’’ each place that term appears and in-
13 serting ‘‘August 15, 2020’’;
14 (B) by redesignating paragraph (6) as
15 paragraph (7); and
16 (C) by inserting after paragraph (5) the
17 following:
18 ‘‘(6) AMOUNT OF PAYROLL COSTS.—For pur-
19 poses of determining eligibility for and the amount
20 of loan forgiveness under this section, the Adminis-
21 trator may not require an eligible recipient to use
22 more than 50 percent of the proceeds of a covered
23 loan for payroll costs.’’.
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24 (c) APPLICATION.—The amendments made by this
25 section shall apply to loans made under section 7(a)(36)
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1 of the Small Business Act (15 U.S.C. 636(a)(36)) before,
2 on, or after the date of enactment of this Act.
3 SEC. 3. DELAY OF PAYMENT OF EMPLOYER PAYROLL
4 TAXES.
5 (a) IN GENERAL.—Section 2302(a) of the CARES
6 Act (Public Law 116–136) is amended by striking para-
7 graph (3).
8 (b) EFFECTIVE DATE.—The amendment made by
9 subsection (a) shall be effective as if included in the
10 CARES Act (Public Law 116–136) and shall apply to any
11 loan made pursuant to section 7(a)(36) of the Small Busi-
12 ness Act (15 U.S.C. 636(a)(36)) or section 1109 of the
13 CARES Act (Public Law 116–136).
Æ
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