3.0.0 3859 2023-01-11T13:46:19Z 2023-01-11T13:46:19Z Senate S 2020-06-01 116 ssfi00 Finance Committee Senate Standing Referred to 2020-06-01T22:42:17Z 2020-06-01 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2020-06-01 Introduced in Senate IntroReferral 10000 9 Library of Congress L000594 Sen. Loeffler, Kelly [R-GA] Kelly Loeffler R GA N Commerce 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 Commerce 00 2020-06-01 Introduced in Senate 2020-07-08T12:41:44Z Paycheck Protection Program Timeframe Modification and Extension Act or the PPP TIME Act

This bill modifies the Paycheck Protection Program established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019).

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.

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.

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.

]]> PPP TIME Act Display Title PPP TIME Act Short Title(s) as Introduced PPP TIME Act Introduced in Senate IS Short Title(s) as Introduced Paycheck Protection Program Timeframe Modification and Extension Act Introduced in Senate IS Official Title as Introduced A bill to extend the covered period for the paycheck protection program, and for other purposes. Introduced in Senate IS Introduced in Senate 2020-06-01T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116s3859is/xml/BILLS-116s3859is.xml 2020-06-01 Read twice and referred to the Committee on Finance. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.