US HB6886 | 2019-2020 | 116th Congress

Status

Spectrum: Bipartisan Bill
Status: Introduced on May 15 2020 - 25% progression
Action: 2020-05-15 - Referred to the Committee on Small Business, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Pending: House Small Business Committee
Text: Latest bill text (Introduced) [PDF]

Summary

Paycheck Protection Program Flexibility Act of 2020 This bill modifies provisions related to the forgiveness of loans made to small businesses under the Paycheck Protection Program implemented in response to COVID-19 (i.e., coronavirus disease 2019). Specifically, the bill establishes a minimum maturity of five years for a paycheck protection loan that has a remaining balance after the application of forgiveness. The bill also extends the covered period during which the recipient of a paycheck protection loan may use such funds for certain expenses while remaining eligible for forgiveness of the loan. Further, the bill prohibits the Small Business Administration from limiting the non-payroll portion of a forgivable covered loan amount. Currently, only 25% of a paycheck protection loan may be allocated to non-payroll expenses such as rent and utilities. The bill extends the period of time in which an employer may rehire or eliminate a reduction in employment, salary, or wages that would otherwise reduce the forgivable amount of a paycheck protection loan. However, the forgivable amount must be determined without regard to a reduction in the number of employees if the recipient is unable to rehire an employee and is able to demonstrate an inability to hire a similarly qualified employee. Lastly, the bill eliminates a provision that makes a paycheck protection loan recipient who has such indebtedness forgiven ineligible to defer payroll tax payments.

Tracking Information

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Title

Paycheck Protection Program Flexibility Act of 2020

Sponsors

Rep. Chip Roy [R-TX]Rep. Dean Phillips [D-MN]Rep. Tom Emmer [R-MN]Rep. Fred Upton [R-MI]
Rep. Brian Fitzpatrick [R-PA]Rep. Andy Harris [R-MD]Rep. Angela Craig [D-MN]Rep. John Curtis [R-UT]
Rep. Josh Gottheimer [D-NJ]Rep. Anthony Gonzalez [R-OH]Rep. Rebecca Sherrill [D-NJ]Rep. Anthony Brindisi [D-NY]
Rep. Jackie Walorski [R-IN]Rep. Peter King [R-NY]Rep. Nicholas Taylor [R-TX]Rep. Vicente Gonzalez [D-TX]
Rep. Kathleen Rice [D-NY]Rep. David Joyce [R-OH]Rep. Brad Wenstrup [R-OH]Rep. Troy Balderson [R-OH]
Rep. Peter Welch [D-VT]Rep. Eric Swalwell [D-CA]Rep. Cindy Axne [D-IA]Rep. Henry Cuellar [D-TX]
Rep. Max Rose [D-NY]Rep. Jahana Hayes [D-CT]Rep. Kurt Schrader [D-OR]Rep. Ben McAdams [D-UT]
Rep. John Joyce [R-PA]Rep. Jack Bergman [R-MI]Rep. Doug LaMalfa [R-CA]Rep. Elaine Luria [D-VA]
Rep. Jaime Herrera Beutler [R-WA]Rep. Elissa Slotkin [D-MI]Rep. Daniel Kildee [D-MI]Rep. Joe Courtney [D-CT]
Rep. Jeff Van Drew [D-NJ]Rep. John Carter [R-TX]Rep. Elise Stefanik [R-NY]Rep. Randy Weber [R-TX]
Rep. Neal Dunn [R-FL]Rep. Ron Wright [R-TX]Rep. Jim Costa [D-CA]Rep. Christopher Pappas [D-NH]
Rep. Tom O'Halleran [D-AZ]Rep. Kim Schrier [D-WA]Rep. Derek Kilmer [D-WA]Rep. Ami Bera [D-CA]
Rep. Andre Carson [D-IN]Rep. Betty McCollum [D-MN]Rep. John Katko [R-NY]Rep. Theodore Deutch [D-FL]
Rep. Susan Wild [D-PA]Rep. Eleanor Norton [D-DC]Rep. Ann Kuster [D-NH]Rep. Scott Peters [D-CA]
Rep. Cathy McMorris Rodgers [R-WA]Rep. David Schweikert [R-AZ]Rep. Pete Stauber [R-MN]Rep. Lisa Rochester [D-DE]
Rep. Tim Ryan [D-OH]Rep. Jason Crow [D-CO]Rep. Harley Rouda [D-CA]Rep. Colin Allred [D-TX]
Rep. Tim Burchett [R-TN]Rep. Christopher Smith [R-NJ]

History

DateChamberAction
2020-05-15HouseReferred to the Committee on Small Business, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
2020-05-15HouseReferred to the Committee on Small Business, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
2020-05-15HouseIntroduced in House

Same As/Similar To

HB7010 (Related) 2020-06-05 - Became Public Law No: 116-142.

Subjects


US Congress State Sources


Bill Comments

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