S. 3714 · 116th Congress
PPP Deadline Extension Adjustment for Loans Act
- Stage
- In committee
- Sponsor
- Joe Manchin
- Introduced
- 2020-05-13
- Latest action
- 2020-05-13 · Introduced in Senate
Summary
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.