US HB7010 | 2019-2020 | 116th Congress

Status

Completed Legislative Action
Spectrum: Slight Partisan Bill (Democrat 58-29)
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

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 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.

Tracking Information

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Title

Paycheck Protection Program Flexibility Act of 2020

Sponsors

Rep. Dean Phillips [D-MN]Rep. Chip Roy [R-TX]Rep. Fred Upton [R-MI]Rep. Brian Fitzpatrick [R-PA]
Rep. Harley Rouda [D-CA]Rep. Andy Harris [R-MD]Rep. Daniel Kildee [D-MI]Rep. Kim Schrier [D-WA]
Rep. Peter Welch [D-VT]Rep. Anthony Brindisi [D-NY]Rep. Christopher Pappas [D-NH]Rep. Jackie Walorski [R-IN]
Rep. Grace Meng [D-NY]Rep. David Joyce [R-OH]Rep. Xochitl Torres Small [D-NM]Rep. Jack Bergman [R-MI]
Rep. David Schweikert [R-AZ]Rep. Doug LaMalfa [R-CA]Rep. Raja Krishnamoorthi [D-IL]Rep. Ami Bera [D-CA]
Rep. Jaime Herrera Beutler [R-WA]Rep. Jeff Van Drew [D-NJ]Rep. Kathleen Rice [D-NY]Rep. Neal Dunn [R-FL]
Rep. Tom O'Halleran [D-AZ]Rep. Kathy Castor [D-FL]Rep. Theodore Deutch [D-FL]Rep. Elise Stefanik [R-NY]
Rep. Tim Ryan [D-OH]Rep. Betty McCollum [D-MN]Rep. Joe Courtney [D-CT]Rep. Derek Kilmer [D-WA]
Rep. John Joyce [R-PA]Rep. Ron Wright [R-TX]Rep. Peter King [R-NY]Rep. John Curtis [R-UT]
Rep. Ann Kuster [D-NH]Rep. Pete Stauber [R-MN]Rep. Joe Cunningham [D-SC]Rep. Don Bacon [R-NE]
Rep. Tulsi Gabbard [D-HI]Rep. Brad Wenstrup [R-OH]Rep. Colin Allred [D-TX]Rep. John Carter [R-TX]
Rep. Ed Case [D-HI]Rep. Troy Balderson [R-OH]Rep. James Langevin [D-RI]Rep. Tim Burchett [R-TN]
Rep. Josh Gottheimer [D-NJ]Rep. John Moolenaar [R-MI]Rep. Susan Wild [D-PA]Rep. Eric Swalwell [D-CA]
Rep. Eleanor Norton [D-DC]Rep. Cindy Axne [D-IA]Rep. Tom Malinowski [D-NJ]Rep. Gil Cisneros [D-CA]
Rep. Jahana Hayes [D-CT]Rep. Ben Lujan [D-NM]Rep. Scott Peters [D-CA]Rep. Suzanne Bonamici [D-OR]
Rep. Elissa Slotkin [D-MI]Rep. Abby Finkenauer [D-IA]Rep. Henry Cuellar [D-TX]Rep. Bill Pascrell [D-NJ]
Rep. Kurt Schrader [D-OR]Rep. Ben McAdams [D-UT]Rep. Steve Cohen [D-TN]Rep. Rebecca Sherrill [D-NJ]
Rep. Mike Quigley [D-IL]Rep. Jim Costa [D-CA]Rep. Bradley Schneider [D-IL]Rep. Max Rose [D-NY]
Rep. Kendra Horn [D-OK]Rep. Andre Carson [D-IN]Rep. Elaine Luria [D-VA]Rep. Angela Craig [D-MN]
Rep. Carolyn Maloney [D-NY]Rep. John Katko [R-NY]Rep. Dusty Johnson [R-SD]Rep. Ralph Norman [R-SC]
Rep. Randy Weber [R-TX]Rep. Donald Payne [D-NJ]Rep. Lisa Rochester [D-DE]Rep. Nicholas Taylor [R-TX]
Rep. Anthony Brown [D-MD]Rep. Dwight Evans [D-PA]Rep. Mike Gallagher [R-WI]

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

DateChamberAction
2020-06-05SenateBecame Public Law No: 116-142. (TXT | PDF)
2020-06-05SenateSigned by President.
2020-06-05SenatePresented to President.
2020-06-04SenateMessage on Senate action sent to the House.
2020-06-03SenatePassed Senate without amendment by Voice Vote. (consideration: CR S2690-2691)
2020-06-01SenateReceived in the Senate, read twice.
2020-05-28HouseMotion to reconsider laid on the table Agreed to without objection.
2020-05-28HouseOn 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)
2020-05-28HouseConsidered as unfinished business. (consideration: CR H2339-2340)
2020-05-28HouseAt 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.
2020-05-28HouseDEBATE - The House proceeded with forty minutes of debate on H.R. 7010.
2020-05-28HouseConsidered under suspension of the rules. (consideration: CR H2332-2338)
2020-05-28HouseMs. Velazquez moved to suspend the rules and pass the bill, as amended.
2020-05-26HouseReferred 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.
2020-05-26HouseReferred 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.
2020-05-26HouseIntroduced 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.

Subjects


US Congress State Sources


Bill Comments

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