Promoting Flexibility for Small Business Owners Act

Bill: 116-hr-6816
Sponsor: full_name: Rep. Gonzalez, Anthony [R-OH-16]
Introduced: 2020-05-12
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

Unemployment

Wages and earnings
Latest action: action_date: 2020-05-12
text: Referred to the House Committee on Small Business.

Summaries:
action_date: 2020-05-12
action_desc: Introduced in House
text: <p><b>Promoting Flexibility for Small Business Owners Act</b></p> <p>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).</p> <p>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. </p> <p>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.</p>

tv_txt: I 116th CONGRESS 2d Session H. R. 6816 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.

1. Short title This Act may be cited as the Promoting Flexibility for Small Business Owners Act . 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. .