All Information (Except Text) for H.R.7010 - Paycheck Protection Program Flexibility Act of 2020116th Congress (2019-2020) |
| Sponsor: | Rep. Phillips, Dean [D-MN-3] (Introduced 05/26/2020) |
|---|---|
| Committees: | House - Small Business; Ways and Means |
| Latest Action: | 06/05/2020 Became Public Law No: 116-142. (TXT | PDF) (All Actions) |
| Roll Call Votes: | There has been 1 roll call vote |
Tracker:
This bill has the status Became Law
Here are the steps for Status of Legislation:
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Subject — Policy Area:
- Commerce
- View subjects
There are 5 versions of this bill. View text
Click the check-box to add or remove the section, click the text link to scroll to that section.
Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries
Titles (4)
Short Titles
Short Titles as Enacted
Paycheck Protection Program Flexibility Act of 2020
Short Titles - House of Representatives
Short Titles as Passed House
Paycheck Protection Program Flexibility Act of 2020
Short Titles - Senate
Short Titles as Passed Senate
Paycheck Protection Program Flexibility Act of 2020
Official Titles
Official Titles - House of Representatives
Official Title as Introduced
To amend the Small Business Act and the CARES Act to modify certain provisions related to the forgiveness of loans under the paycheck protection program, to allow recipients of loan forgiveness under the paycheck protection program to defer payroll taxes, and for other purposes.
Actions Overview (6)
| Date | Actions Overview |
|---|---|
| 06/05/2020 | Became Public Law No: 116-142. (TXT | PDF) |
| 06/05/2020 | Signed by President. |
| 06/05/2020 | Presented to President. |
| 06/03/2020 | Passed/agreed to in Senate: Passed Senate without amendment by Voice Vote.(consideration: CR S2690-2691) |
| 05/28/2020 | Passed/agreed to in 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) |
| 05/26/2020 | Introduced in House |
All Actions (16)
| Date | Chamber | All Actions |
|---|---|---|
| 06/05/2020 | Became Public Law No: 116-142. (TXT | PDF) | |
| 06/05/2020 | Signed by President. | |
| 06/05/2020 | House | Presented to President. |
| 06/04/2020 | Senate | Message on Senate action sent to the House. |
| 06/03/2020 | Senate | Passed Senate without amendment by Voice Vote. (consideration: CR S2690-2691) |
| 06/01/2020 | Senate | Received in the Senate, read twice. |
| 05/28/2020-1:14pm | House | Motion to reconsider laid on the table Agreed to without objection. |
| 05/28/2020-1:14pm | 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) |
| 05/28/2020-12:02pm | House | Considered as unfinished business. (consideration: CR H2339-2340) |
| 05/28/2020-10:45am | 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. |
| 05/28/2020-10:03am | House | DEBATE - The House proceeded with forty minutes of debate on H.R. 7010. |
| 05/28/2020-10:03am | House | Considered under suspension of the rules. (consideration: CR H2332-2338) |
| 05/28/2020-10:03am | House | Ms. Velazquez moved to suspend the rules and pass the bill, as amended. |
| 05/26/2020 | 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. |
| 05/26/2020 | 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. |
| 05/26/2020 | House | Introduced in House |
Cosponsors (86)
Committees (2)
Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.
| Committee / Subcommittee | Date | Activity | Reports |
|---|---|---|---|
| House Small Business | 05/26/2020 | Referred to | |
| House Ways and Means | 05/26/2020 | Referred to |
Subjects (10)
Subject — Policy Area:
One Policy Area term, which best describes an entire measure, is assigned to every public bill or resolution.
Latest Summary (4)
Shown Here:
Public Law No: 116-142 (06/05/2020)
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.