US HB7010 | 2019-2020 | 116th Congress
Status
Completed Legislative Action
Spectrum: Slight Partisan Bill (Democrat 57-30)
Status: Passed on June 5 2020 - 100% progression
Action: 2020-06-05 - Became Public Law No: 116-142. (TXT | PDF)
Text: Latest bill text (Enrolled) [PDF]
Spectrum: Slight Partisan Bill (Democrat 57-30)
Status: Passed on June 5 2020 - 100% progression
Action: 2020-06-05 - Became Public Law No: 116-142. (TXT | PDF)
Text: Latest bill text (Enrolled) [PDF]
Summary
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 with a remaining balance after forgiveness. The bill also extends the covered period during which a loan recipient may use such funds for certain expenses while remaining eligible for forgiveness. The bill raises the non-payroll portion of a forgivable covered loan amount from the current 25% up to 40%. The bill extends the period 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 (1) unable to rehire former employees and is unable to to hire similarly qualified employees, or (2) unable to return to the same level of business activity due to compliance with federal requirements or guidance related to COVID-19. Additionally, the bill revises the deferral period for paycheck protection loans, allowing recipients to defer payments until they receive compensation for forgiven amounts. Recipients who do not apply for forgiveness shall have 10 months from the program's expiration to begin making payments. The bill also eliminates a provision that makes a paycheck protection loan recipient who has such indebtedness forgiven ineligible to defer payroll tax payments. Lastly, the bill is designated as an emergency requirement pursuant to the Statutory Pay-As-You-Go Act of 2010 (PAYGO) and the Senate PAYGO rule.
Title
Paycheck Protection Program Flexibility Act of 2020
Sponsors
Roll Calls
2020-05-28 - House - On motion to suspend the rules and pass the bill, as amended RC# 114 (Y: 417 N: 1 NV: 0 Abs: 13) [PASS]
History
| Date | Chamber | Action |
|---|---|---|
| 2020-06-05 | House | Became Public Law No: 116-142. (TXT | PDF) |
| 2020-06-05 | House | Signed by President. |
| 2020-06-05 | House | Presented to President. |
| 2020-06-04 | Senate | Message on Senate action sent to the House. |
| 2020-06-03 | Senate | Passed Senate without amendment by Voice Vote. (consideration: CR S2690-2691) |
| 2020-06-01 | Senate | Received in the Senate, read twice. |
| 2020-05-28 | House | Motion to reconsider laid on the table Agreed to without objection. |
| 2020-05-28 | House | On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 417 - 1 (Roll no. 114). (text: CR H2332-2333) |
| 2020-05-28 | House | Considered as unfinished business. (consideration: CR H2339-2340) |
| 2020-05-28 | House | At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed. |
| 2020-05-28 | House | DEBATE - The House proceeded with forty minutes of debate on H.R. 7010. |
| 2020-05-28 | House | Considered under suspension of the rules. (consideration: CR H2332-2338) |
| 2020-05-28 | House | Ms. Velazquez moved to suspend the rules and pass the bill, as amended. |
| 2020-05-26 | House | 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. |
| 2020-05-26 | House | 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. |
| 2020-05-26 | House | Introduced in House |
Same As/Similar To
HB6886 (Related) 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.
SB3805 (Related) 2020-05-21 - Read twice and referred to the Committee on Finance.
SB3805 (Related) 2020-05-21 - Read twice and referred to the Committee on Finance.
Subjects
Business expenses
Cardiovascular and respiratory health
Commerce
Emergency medical services and trauma care
Employee hiring
Employment taxes
Government lending and loan guarantees
Infectious and parasitic diseases
Small business
Wages and earnings
Cardiovascular and respiratory health
Commerce
Emergency medical services and trauma care
Employee hiring
Employment taxes
Government lending and loan guarantees
Infectious and parasitic diseases
Small business
Wages and earnings
