Summary: S.3714 — 116th Congress (2019-2020)All Information (Except Text)

There is one summary for S.3714. Bill summaries are authored by CRS.

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Introduced in Senate (05/13/2020)

PPP Deadline Extension Adjustment for Loans Act or the PPP DEAL Act

This bill modifies the Paycheck Protection Program established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019) by (1) extending from 8 weeks to 16 weeks the period during which a loan recipient must use their paycheck protection loan to be eligible for forgiveness; and (2) allowing a recipient 16 weeks from the date of the loan to eliminate a reduction in workforce, salary, or wages that would otherwise reduce their forgivable amount.