Bill > HR7010

Introduced Session

Paycheck Protection Program Flexibility Act of 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.

AI Summary

Committee Categories

Dean Phillips (D)*,  Colin Allred (D),  Cindy Axne (D),  Don Bacon (R),  Troy Balderson (R),  Ami Bera (D),  Jack Bergman (R),  Lisa Blunt Rochester (D),  Suzanne Bonamici (D),  Anthony Brindisi (D),  Anthony Brown (D),  Tim Burchett (R),  André Carson (D),  John Carter (R),  Ed Case (D),  Kathy Castor (D),  Gil Cisneros (D),  Steve Cohen (D),  Jim Costa (D),  Joe Courtney (D),  Angie Craig (D),  Henry Cuellar (D),  Joe Cunningham (D),  John Curtis (R),  Theodore Deutch (D),  Neal Dunn (R),  Dwight Evans (D),  Abby Finkenauer (D),  Brian Fitzpatrick (R),  Tulsi Gabbard (D),  Mike Gallagher (R),  Josh Gottheimer (D),  Andy Harris (R),  Jahana Hayes (D),  Jaime Herrera Beutler (R),  Kendra Horn (D),  Dusty Johnson (R),  Dave Joyce (R),  John Joyce (R),  John Katko (R),  Dan Kildee (D),  Derek Kilmer (D),  Peter King (R),  Raja Krishnamoorthi (D),  Ann Kuster (D),  Doug LaMalfa (R),  James Langevin (D),  Ben Ray Luján (D),  Elaine Luria (D),  Tom Malinowski (D),  Carolyn Maloney (D),  Ben McAdams (D),  Betty McCollum (D),  Grace Meng (D),  John Moolenaar (R),  Ralph Norman (R),  Eleanor Holmes Norton (D),  Tom O'Halleran (D),  Chris Pappas (D),  Bill Pascrell (D),  Donald Payne (D),  Scott Peters (D),  Mike Quigley (D),  Kathleen Rice (D),  Max Rose (D),  Harley Rouda (D),  Chip Roy (R),  Tim Ryan (D),  Brad Schneider (D),  Kurt Schrader (D),  Kim Schrier (D),  David Schweikert (R),  Mikie Sherrill (D),  Elissa Slotkin (D),  Pete Stauber (R),  Elise Stefanik (R),  Eric Swalwell (D),  Van Taylor (R),  Xochitl Torres Small (D),  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), 

Became Public Law No: 116-142. (TXT | PDF) (on 06/05/2020)

Official Document