#aafth ,,congress #b;d ,session ,h4 ,r4 #gjaj ,,an ,,act ,to amend the ,small ,business ,act and the ,,cares ,act to modify certain provisions related to the forgiveness of loans under the paycheck protection program1 to allow recipients of loan forgiveness under the paycheck protection program to defer payroll taxes1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,paycheck ,protection ,program ,flexibility ,act of #bjbj4 #b4 ,maturity for loans with remaining balance after application of forgiveness 7a7 ,in general ,section #g7;a77#cf77,k77ii7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77 is amended by inserting minimum maturity of #e years and a before maximum maturity4 7b7 ,effective date2 applicability ,the amendment made by this section shall take effect on the date of the enactment of this ,act and shall apply to any loan made pursuant to section #g7;a77#cf7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77 on or after such date4 ,nothing in this ,act1 the ,,cares ,act 7,public ,law #aaf-acf71 or the ,paycheck ,protection ,program and ,health ,care ,enhancement ,act 7,public ,law #aaf-aci7 shall be construed to prohibit lenders and borrowers from mutually agreeing to modify the maturity terms of a covered loan described in subparagraph 7,k7 of such section to conform with requirements of this section4 #c4 ,amendments to paycheck protection program loan forgiveness 7a7 ,extension of covered period ,section #g7;a77#cf77;,a77iii7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77;,a77iii77 is amended by striking ,june #cj1 #bjbj and inserting ,december #ca1 #bjbj4 7b7 ,forgiveness ,section #aajf of the ,,cares ,act 7,public ,law #aaf-acf7 is amended-- 7#a7 in subsection 7a71 by striking paragraph 7#c7 and inserting the following3 7#c7 the term covered period means1 subject to subsection 7l71 the period beginning on the date of the origination of a covered loan and ending the earlier of-- 7,a7 the date that is #bd weeks after such date of origination2 or 7,b7 ,december #ca1 #bjbj2 2 7#b7 in subsection 7d7-- 7,a7 in paragraph 7#e77;,b71 by striking ,june #cj1 #bjbj each place it appears and inserting ,december #ca1 #bjbj2 and 7,b7 by adding at the end the following new paragraphs3 7#g7 ,exemption based on employee availability ,during the period beginning on ,february #ae1 #bjbj1 and ending on ,december #ca1 #bjbj1 the amount of loan forgiveness under this section shall be determined without regard to a proportional reduction in the number of full-time equivalent employees if an eligible recipient1 in good faith-- 7,a7 is able to document-- 7i7 an inability to rehire individuals who were employees of the eligible recipient on ,february #ae1 #bjbj2 and 7ii7 an inability to hire similarly qualified employees for unfilled positions on or before ,december #ca1 #bjbj2 or 7,b7 is able to document an inability to return to the same level of business activity as such business was operating at before ,february #ae1 #bjbj1 due to compliance with requirements established or guidance issued by the ,secretary of ,health and ,human ,services1 the ,director of the ,centers for ,disease ,control and ,prevention1 or the ,occupational ,safety and ,health ,administration during the period beginning on ,march #a1 #bjbj1 and ending ,december #ca1 #bjbj1 related to the maintenance of standards for sanitation1 social distancing1 or any other worker or customer safety requirement related to ,,covid-#ai4 7#h7 ,limitation on forgiveness ,to receive loan forgiveness under this section1 an eligible recipient shall use at least #fj percent of the covered loan amount for payroll costs1 and may use up to #dj percent of such amount for any payment of interest on any covered mortgage obligation 7which shall not include any prepayment of or payment of principal on a covered mortgage obligation71 any payment on any covered rent obligation1 or any covered utility payment4 2 and 7#c7 by adding at the end the following new subsection3 7l7 ,application to certain eligible recipients ,an eligible recipient that received a covered loan before the date of enactment of this subsection may elect for the covered period applicable to such covered loan to end on the date that is #h weeks after the date of the origination of such covered loan4 4 7c7 ,extension of deferral period ,section #g7;a77#cf77,m7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77,m77 is amended-- 7#a7 in clause 7ii77,,ii71 by striking for a period of not less than #f months1 including payment of principal1 interest1 and fees1 and not more than #a year4 and inserting the following3 1 including payment of principal1 interest1 and fees1 until the date on which the amount of forgiveness determined under section #aajf of the ,,cares ,act is remitted to the lender42 7#b7 in clause 7iii71 by striking for a period of not less than #f months1 including payment of principal1 interest1 and fees1 and not more than #a year4 and inserting the following3 1 including payment of principal1 interest1 and fees1 until the date on which the amount of forgiveness determined under section #aajf of the ,,cares ,act is remitted to the lender42 and 7#c7 by adding at the end the following new clause3 7v7 ,rule of construction ,if an eligible recipient fails to apply for forgiveness of a covered loan within #aj months after the last day of the covered period defined in section #aajf7;a7 of the ,,cares ,act1 such eligible recipient shall make payments of principal1 interest1 and fees on such covered loan beginning on the day that is not earlier than the date that is #aj months after the last day of such covered period4 4 7d7 ,effective date2 applicability ,the amendments made by this section shall be effective as if included in the ,,cares ,act 7,public ,law #aaf-acf7 and shall apply to any loan made pursuant to section #g7;a77#cf7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77 or section #aaji of the ,,cares ,act4 #d4 ,delay of payment of employer payroll taxes 7a7 ,in general ,section #bcjb7;a7 of the ,,cares ,act 7,public ,law #aaf-acf7 is amended by striking paragraph 7#c74 7b7 ,effective date2 applicability ,the amendments made by this section shall be effective as if included in the ,,cares ,act 7,public ,law #aaf-acf7 and shall apply to any loan made pursuant to section #g7;a77#cf7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77 or section #aaji of the ,,cares ,act4 #e4 ,emergency designation 7a7 ,in general ,this ,act is designated as an emergency requirement pursuant to section #d7;g7 of the ,statutory ,pay-,as-,you-,go ,act of #bjaj 7#b ,u4,s4,c4 #icc7;g774 7b7 ,designation in ,senate ,in the ,senate1 this ,act is designated as an emergency requirement pursuant to section #daab7;a7 of ,h4 ,con4 ,res4 #ga 7#aaeth ,congress71 the concurrent resolution on the budget for fiscal year #bjah4 ,passed the ,house of ,representatives ,may #bh1 #bjbj4;,clerk4