S. 3859 · 116th Congress
PPP TIME Act
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Never voted on. It didn't reach a floor vote before the 116th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
LoefflerSponsorNo cosponsors.
Paycheck Protection Program Timeframe Modification and Extension Act or the PPP TIME Act
What it does: CRS summary · Introduced in Senate · Jun 1, 2020
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: PPP TIME Act
Also known as: Paycheck Protection Program Timeframe Modification and Extension Act
Latest action (Jun 1, 2020): Read twice and referred to the Committee on Finance.
Policy area: Commerce · Origin: Senate · Introduced: Jun 1, 2020
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.