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Congress.gov, H.R.7010, "Paycheck Protection Program Flexibility Act of 2020," 116th Congress (Internet Archive copy of March 16, 2026)

Summary

A Congress.gov bill page, as preserved by the Wayback Machine, for H.R.7010, the Paycheck Protection Program Flexibility Act of 2020, 116th Congress, sponsored by Rep. Phillips, Dean and introduced 05/26/2020. The page records that the bill became Public Law No: 116-142 on 06/05/2020 and reproduces the CRS summary. The summary states that the bill sets a minimum maturity of five years for a paycheck protection loan with a remaining balance after forgiveness, extends the covered period for using loan funds, and raises the non-payroll portion of a forgivable loan from 25% up to 40%. It also extends the rehiring period, revises the deferral period, gives recipients who do not apply for forgiveness 10 months from the program's expiration to begin payments, and removes a bar on deferring payroll tax payments.

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Cite this document

“Congress.gov, H.R.7010, ‘Paycheck Protection Program Flexibility Act of 2020,’ 116th Congress (Internet Archive copy of March 16, 2026).” Original at www.congress.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/congress-gov-h-r-7010-paycheck-protection-program-flexibility-act-of-2-ee17922aa7/, SHA-256 1f46d805eb3fb5b1fbdcaf4a0b4eaffb227e0e0847f5e57111ada5cc7d138c52.

Full text

The Wayback Machine - https://web.archive.org/web/20260316223026/https://www.congress.gov/bill/116th-congress/house-bill/7010




     H.R.7010 - Paycheck Protection Program Flexibility Act of 2020
     116th Congress (2019-2020)



        Sponsor:           Rep. Phillips, Dean [D-MN-3] (Introduced 05/26/2020)
        Committees:        House - Small Business; Ways and Means
        Latest Action:     06/05/2020 Became Public Law No: 116-142. (All Actions)
        Roll Call Votes:   There has been 1 roll call vote
        Tracker:              Introduced     Passed House        Passed Senate         To President       Became Law




     Summary(4)      Text(6)    Actions(16)   Titles(6)   Amendments(0)      Cosponsors(86)     Committees(2)     Related Bills(2)


            Listen
                              

     There are 4 summaries for H.R.7010.        Public Law (06/05/2020)            
     Bill summaries are authored by CRS.


     Shown Here:
     Public Law No: 116-142 (06/05/2020)
     Paycheck Protection Program Flexibility Act of 2020


     This bill modifies provisions related to the forgiveness of loans made to small businesses under the Paycheck Protection
     Program implemented in response to COVID-19 (i.e., coronavirus disease 2019).


     Specifically, the bill establishes a minimum maturity of five years for a paycheck protection loan with a remaining balance after
     forgiveness. The bill also extends the covered period during which a loan recipient may use such funds for certain expenses
     while remaining eligible for forgiveness. The bill raises the non-payroll portion of a forgivable covered loan amount from the
     current 25% up to 40%.

     The bill extends the period in which an employer may rehire or eliminate a reduction in employment, salary, or wages that would
     otherwise reduce the forgivable amount of a paycheck protection loan. However, the forgivable amount must be determined
     without regard to a reduction in the number of employees if the recipient is (1) unable to rehire former employees and is unable
     to to hire similarly qualified employees, or (2) unable to return to the same level of business activity due to compliance with
     federal requirements or guidance related to COVID-19.


     Additionally, the bill revises the deferral period for paycheck protection loans, allowing recipients to defer payments until they
     receive compensation for forgiven amounts. Recipients who do not apply for forgiveness shall have 10 months from the
     program's expiration to begin making payments.

     The bill also eliminates a provision that makes a paycheck protection loan recipient who has such indebtedness forgiven
     ineligible to defer payroll tax payments.

     Lastly, the bill is designated as an emergency requirement pursuant to the Statutory Pay-As-You-Go Act of 2010 (PAYGO) and
     the Senate PAYGO rule.

File and source

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8c9f6855b780fc31.pdf
Size
152,457 bytes
SHA-256
1f46d805eb3fb5b1fbdcaf4a0b4eaffb227e0e0847f5e57111ada5cc7d138c52
Our copy
8c9f6855b780fc31.pdf
Original
www.congress.gov
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