US HB6886 | 2019-2020 | 116th Congress
Status
Spectrum: Bipartisan Bill
Status: Introduced on May 15 2020 - 25% progression, died in committee
Action: 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.
Pending: House Small Business Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on May 15 2020 - 25% progression, died in committee
Action: 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.
Pending: House Small Business Committee
Text: Latest bill text (Introduced) [PDF]
Summary
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 that has a remaining balance after the application of forgiveness. The bill also extends the covered period during which the recipient of a paycheck protection loan may use such funds for certain expenses while remaining eligible for forgiveness of the loan. Further, the bill prohibits the Small Business Administration from limiting the non-payroll portion of a forgivable covered loan amount. Currently, only 25% of a paycheck protection loan may be allocated to non-payroll expenses such as rent and utilities. The bill extends the period of time 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 unable to rehire an employee and is able to demonstrate an inability to hire a similarly qualified employee. Lastly, the bill eliminates a provision that makes a paycheck protection loan recipient who has such indebtedness forgiven ineligible to defer payroll tax payments.
Title
Paycheck Protection Program Flexibility Act of 2020
Sponsors
History
| Date | Chamber | Action |
|---|---|---|
| 2020-05-15 | 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. |
| 2020-05-15 | 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. |
| 2020-05-15 | House | Introduced in House |
Same As/Similar To
HB7010 (Related) 2020-06-05 - Became Public Law No: 116-142. (TXT | PDF)
Subjects
Business expenses
Cardiovascular and respiratory health
Commerce
Emergency medical services and trauma care
Employee hiring
Employment taxes
Government lending and loan guarantees
Infectious and parasitic diseases
Small business
Wages and earnings
Cardiovascular and respiratory health
Commerce
Emergency medical services and trauma care
Employee hiring
Employment taxes
Government lending and loan guarantees
Infectious and parasitic diseases
Small business
Wages and earnings
US Congress State Sources
| Type | Source |
|---|---|
| Summary | https://www.congress.gov/bill/116th-congress/house-bill/6886/all-info |
| Text | https://www.congress.gov/116/bills/hr6886/BILLS-116hr6886ih.pdf |
