Title: Promoting Flexibility for Small Business Owners Act
Policy area: Commerce

Summary:
Promoting Flexibility for Small Business Owners Act
This bill extends certain deadlines related to loan forgiveness that are applicable to a loan recipient under the Paycheck Protection Program, which was established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019).
Specifically, the bill extends by at least one month the covered period during which a loan recipient must spend the loan to be eligible for loan forgiveness. The bill also extends by one month the deadline for a small business to rehire employees or eliminate salary or wage reductions to be eligible for loan forgiveness.
The bill authorizes the Small Business Administration, after considering specified criteria, to further extend the deadline for rehiring employees or eliminating salary or wage reductions for entities within certain industry categories.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6816 Introduced in House (IH)]

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116th CONGRESS
  2d Session
                                H. R. 6816

  To amend the CARES Act to provide additional time for employers to 
maximize their loan forgiveness under the paycheck protection program, 
                        and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 12, 2020

Mr. Gonzalez of Ohio (for himself, Mr. Joyce of Ohio, Mr. LaHood, Mrs. 
  Murphy of Florida, and Mr. Wenstrup) introduced the following bill; 
         which was referred to the Committee on Small Business

_______________________________________________________________________

                                 A BILL


 
  To amend the CARES Act to provide additional time for employers to 
maximize their loan forgiveness under the paycheck protection program, 
                        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 ``Promoting Flexibility for Small 
Business Owners Act''.

SEC. 2. ADDITIONAL TIME TO MAXIMIZE LOAN FORGIVENESS UNDER THE PAYCHECK 
              PROTECTION PROGRAM.

    Section 1106 of the CARES Act (Public Law 116-136) is amended--
            (1) in subsection (a)(3), by striking ``the 8-week period 
        beginning on'' and inserting the following: ``the 12-week 
        period beginning on the date that is the earlier of--
                    ``(A) the date selected by the borrower; or
                    ``(B) the date that is 30 days after''; and
            (2) in subsection (d)(5)--
                    (A) in subparagraph (B)--
                            (i) in clause (i)(II), by striking ``June 
                        30, 2020'' and inserting ``July 31, 2020''; and
                            (ii) in clause (ii)(II), by striking ``June 
                        30, 2020'' and inserting ``July 31, 2020''; and
                    (B) by adding at the end the following new 
                subparagraph:
                    ``(C) Extension.--
                            ``(i) In general.--The Administrator, in 
                        coordination with the Secretary of the 
                        Treasury, may extend the deadlines described in 
                        clauses (i)(II) and (ii)(II) of subparagraph 
                        (B) for entities within certain industry 
                        categories, as determined by the Administrator 
                        in accordance with the North American Industry 
                        Classification System codes.
                            ``(ii) Criteria.--When making a 
                        determination whether to extend a deadline 
                        under clause (i), the Administrator shall 
                        consider--
                                    ``(I) the restrictions on the 
                                operations of the industry category 
                                imposed by Federal, State, or local 
                                governments based on COVID-19;
                                    ``(II) industry category revenue as 
                                compared to industry category revenue 
                                at the same time in prior years;
                                    ``(III) unemployment levels in the 
                                industry category as compared to 
                                unemployment levels in the industry 
                                category in prior years; and
                                    ``(IV) such other criteria as 
                                determined by the Administrator, in 
                                consultation with the Secretary of the 
                                Treasury, to be appropriate.''.
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