Bill > HR6886

Introduced Session

To amend the Small Business Act and the CARES Act to modify certain provisions related to the forgiveness of loans under the paycheck protection program, to allow recipients of loan forgiveness under the paycheck protection program to defer payroll taxes, and for other purposes. 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 that has a remaining balance after the application of forgiveness. The bill also extends the covered period during which the recipient of a paycheck protection loan may use such funds for certain expenses while remaining eligible for forgiveness of the loan. Further, the bill prohibits the Small Business Administration from limiting the non-payroll portion of a forgivable covered loan amount. Currently, only 25% of a paycheck protection loan may be allocated to non-payroll expenses such as rent and utilities. The bill extends the period of time 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 unable to rehire an employee and is able to demonstrate an inability to hire a similarly qualified employee. Lastly, the bill eliminates a provision that makes a paycheck protection loan recipient who has such indebtedness forgiven ineligible to defer payroll tax payments.

AI Summary

Committee Categories

Chip Roy (R)*,  Colin Allred (D),  Cindy Axne (D),  Troy Balderson (R),  Ami Bera (D),  Jack Bergman (R),  Lisa Blunt Rochester (D),  Anthony Brindisi (D),  Tim Burchett (R),  André Carson (D),  John Carter (R),  Jim Costa (D),  Joe Courtney (D),  Angie Craig (D),  Jason Crow (D),  Henry Cuellar (D),  John Curtis (R),  Theodore Deutch (D),  Neal Dunn (R),  Tom Emmer (R),  Brian Fitzpatrick (R),  Anthony Gonzalez (R),  Vicente Gonzalez (D),  Josh Gottheimer (D),  Andy Harris (R),  Jahana Hayes (D),  Jaime Herrera Beutler (R),  Dave Joyce (R),  John Joyce (R),  John Katko (R),  Dan Kildee (D),  Derek Kilmer (D),  Peter King (R),  Ann Kuster (D),  Doug LaMalfa (R),  Elaine Luria (D),  Ben McAdams (D),  Betty McCollum (D),  Cathy McMorris Rodgers (R),  Eleanor Holmes Norton (D),  Tom O'Halleran (D),  Chris Pappas (D),  Scott Peters (D),  Dean Phillips (D),  Kathleen Rice (D),  Max Rose (D),  Harley Rouda (D),  Tim Ryan (D),  Kurt Schrader (D),  Kim Schrier (D),  David Schweikert (R),  Mikie Sherrill (D),  Elissa Slotkin (D),  Chris Smith (R),  Pete Stauber (R),  Elise Stefanik (R),  Eric Swalwell (D),  Van Taylor (R),  Fred Upton (R),  Jeff Van Drew (R),  Jackie Walorski (R),  Randy Weber (R),  Peter Welch (D),  Brad Wenstrup (R),  Susan Wild (D),  Ron Wright (R), 

Referred to the Committee on Small Business, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. (on 05/15/2020)

Official Document