PPP TIME Act

Bill: 116-s-3859
Sponsor: full_name: Sen. Loeffler, Kelly [R-GA]
Introduced: 2020-06-01
Policy area: Commerce
Subjects: Business expenses

Cardiovascular and respiratory health

Emergency medical services and trauma care

Employment taxes

Government lending and loan guarantees

Infectious and parasitic diseases

Small business

Tax administration and collection, taxpayers

Wages and earnings
Latest action: action_date: 2020-06-01
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2020-06-01
action_desc: Introduced in Senate
text: <p><b>Paycheck Protection Program Timeframe Modification and Extension Act or the PPP TIME Act</b></p> <p>This bill modifies the Paycheck Protection Program established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019).</p> <p>Specifically, the bill extends the program through August 15, 2020, and it allows a loan recipient to select any eight-week period within the program's duration to use their loan.</p> <p>The bill also prohibits the Small Business Administration from requiring a paycheck protection loan recipient to use at least 50% of loan amounts for payroll costs.</p> <p>Further, the bill defers payment of applicable employment taxes for a paycheck protection loan recipient that has had loan amounts forgiven. Currently, a taxpayer that has had loan amounts forgiven is ineligible for such deferral.</p>

tv_txt: II 116th CONGRESS 2d Session S. 3859 IN THE SENATE OF THE UNITED STATES June 1, 2020 Mrs. Loeffler introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To extend the covered period for the paycheck protection program, and for other purposes.

1. Short title This Act may be cited as the Paycheck Protection Program Timeframe Modification and Extension Act or the PPP TIME Act . 2. Amendments to the paycheck protection program and loan forgiveness (a) Extension of covered period for paycheck protection program Section 7(a)(36)(A)(iii) of the Small Business Act ( 15 U.S.C. 636(a)(36)(A)(iii) ) is amended by striking June 30, 2020 and inserting August 15, 2020 . (b) Loan forgiveness Section 1106 of the CARES Act ( Public Law 116–136 ) is amended— (1) in subsection (a)(3), by striking the 8-week period and inserting any 8-week period, as selected by an eligible recipient, occurring during the 24-week period ; and (2) in subsection (d)— (A) in paragraph (5)(B), by striking June 30, 2020 each place that term appears and inserting August 15, 2020 ; (B) by redesignating paragraph (6) as paragraph (7); and (C) by inserting after paragraph (5) the following: (6) Amount of payroll costs For purposes of determining eligibility for and the amount of loan forgiveness under this section, the Administrator may not require an eligible recipient to use more than 50 percent of the proceeds of a covered loan for payroll costs. . (c) Application The amendments made by this section shall apply to loans made under section 7(a)(36) of the Small Business Act ( 15 U.S.C. 636(a)(36) ) before, on, or after the date of enactment of this Act. 3. Delay of payment of employer payroll taxes (a) In general Section 2302(a) of the CARES Act ( Public Law 116–136 ) is amended by striking paragraph (3). (b) Effective date The amendment made by subsection (a) shall be effective as if included in the CARES Act ( Public Law 116–136 ) and shall apply to any loan made pursuant to section 7(a)(36) of the Small Business Act ( 15 U.S.C. 636(a)(36) ) or section 1109 of the CARES Act ( Public Law 116–136 ).