PPP DEAL Act

PPP Deadline Extension Adjustment for Loans Act or the PPP DEAL Act

This bill modifies the Paycheck Protection Program established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019) by (1) extending from 8 weeks to 16 weeks the period during which a loan recipient must use their paycheck protection loan to be eligible for forgiveness; and (2) allowing a recipient 16 weeks from the date of the loan to eliminate a reduction in workforce, salary, or wages that would otherwise reduce their forgivable amount.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6981 Introduced in House (IH)]

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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 Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``PPP Deadline Extension Adjustment 
for Loans Act'' or the ``PPP DEAL Act''.

SEC. 2. EXTENSION OF LOAN FORGIVENESS PERIOD AND REHIRING PERIOD UNDER 
              CARES ACT.

    Section 1106 of the CARES Act (Public Law 116-136) is amended--
            (1) in subsection (a)(3), by striking ``8-week'' and 
        inserting ``16-week''; and
            (2) in subsection (d)(5)(B), by striking ``June 30, 2020'' 
        each place that term appears and inserting ``the date that is 
        16 weeks after the date of the origination of the covered 
        loan''.
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