PPP DEAL Act

Bill: 116-s-3714
Sponsor: full_name: Sen. Manchin, Joe, III [D-WV]
Introduced: 2020-05-13
Policy area: Commerce
Subjects: Business expenses

Cardiovascular and respiratory health

Emergency medical services and trauma care

Government lending and loan guarantees

Infectious and parasitic diseases

Small business

Wages and earnings
Latest action: action_date: 2020-05-13
text: Read twice and referred to the Committee on Small Business and Entrepreneurship.

Summaries:
action_date: 2020-05-13
action_desc: Introduced in Senate
text: <p><b>PPP Deadline Extension Adjustment for Loans Act or the PPP DEAL 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) 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. </p>

tv_txt: II 116th CONGRESS 2d Session S. 3714 IN THE SENATE OF THE UNITED STATES May 13, 2020 Mr. Manchin (for himself, Mr. Romney , Mr. Leahy , Mr. Gardner , and Mr. Wyden ) introduced the following bill; which was read twice and referred to the Committee on Small Business and Entrepreneurship A BILL To extend the covered period for loan forgiveness and the rehiring period under the CARES Act, and for other purposes.

1. Short title This Act may be cited as the PPP Deadline Extension Adjustment for Loans Act or the PPP DEAL Act . 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 .