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Senate Bill 3859
116th Congress(2019-2020)
PPP TIME Act
Introduced
Introduced
Introduced in Senate on Jun 1, 2020
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Introduced in Senate 
Jun 1, 2020
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Introduced in Senate(Jun 1, 2020)
Jun 1, 2020
Not Scanned for Linkage
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Multiple bills can contain the same text. This could be an identical bill in the opposite chamber or a smaller bill with a section embedded in a larger bill.
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S. 3859 (Introduced-in-Senate)


116th CONGRESS
2d Session
S. 3859


To extend the covered period for the paycheck protection program, and for other purposes.

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.

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 “Paycheck Protection Program Timeframe Modification and Extension Act” or the “PPP TIME Act”.

SEC. 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.

SEC. 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).