#aaf? ,,congress #b;d ,session ,h4 ,r4 #gjaj ,,an ,,act ,to am5d ! ,small ,bus9ess ,act & ! ,,c>es ,act to modify c]ta9 provisions relat$ to ! =giv5ess ( loans "u ! pay*eck protection program1 to all[ recipi5ts ( loan =giv5ess "u ! pay*eck protection program to def] payroll taxes1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,pay*eck ,protection ,program ,flexibility ,act ( #bjbj4 #b4 ,maturity = loans ) rema9+ balance aft] application ( =giv5ess 7a7 ,9 g5]al ,section #g7;a77#cf77,k77ii7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77 is am5d$ by ins]t+ m9imum maturity ( #e ye>s & a be=e maximum maturity4 7b7 ,effective date2 applicability ,! am5dm5t made by ?is section %all take effect on ! date ( ! enactm5t ( ?is ,act & %all apply to any loan made pursuant to section #g7;a77#cf7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77 on or aft] su* date4 ,no?+ 9 ?is ,act1 ! ,,c>es ,act 7,public ,law #aaf-acf71 or ! ,pay*eck ,protection ,program & ,heal? ,c>e ,enhancem5t ,act 7,public ,law #aaf-aci7 %all be con/ru$ to prohibit l5d]s & borr[]s f mutually agree+ to modify ! maturity t]ms ( a cov]$ loan describ$ 9 subp>agraph 7,k7 ( su* section to con=m ) requirem5ts ( ?is section4 #c4 ,am5dm5ts to pay*eck protection program loan =giv5ess 7a7 ,ext5sion ( cov]$ p]iod ,section #g7;a77#cf77;,a77iii7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77;,a77iii77 is am5d$ by /rik+ ,june #cj1 #bjbj & ins]t+ ,decemb] #ca1 #bjbj4 7b7 ,=giv5ess ,section #aajf ( ! ,,c>es ,act 7,public ,law #aaf-acf7 is am5d$-- 7#a7 9 subsection 7a71 by /rik+ p>agraph 7#c7 & ins]t+ ! foll[+3 7#c7 ! t]m cov]$ p]iod means1 subject to subsection 7l71 ! p]iod beg9n+ on ! date ( ! orig9ation ( a cov]$ loan & end+ ! e>li] (-- 7,a7 ! date t is #bd weeks aft] su* date ( orig9ation2 or 7,b7 ,decemb] #ca1 #bjbj2 2 7#b7 9 subsection 7d7-- 7,a7 9 p>agraph 7#e77;,b71 by /rik+ ,june #cj1 #bjbj ea* place x appe>s & ins]t+ ,decemb] #ca1 #bjbj2 & 7,b7 by add+ at ! end ! foll[+ new p>agraphs3 7#g7 ,exemption bas$ on employee availability ,dur+ ! p]iod beg9n+ on ,febru>y #ae1 #bjbj1 & end+ on ,decemb] #ca1 #bjbj1 ! am\nt ( loan =giv5ess "u ?is section %all be det]m9$ )\t reg>d to a proportional r$uction 9 ! numb] ( full-"t equival5t employees if an eligible recipi5t1 9 good fai?-- 7,a7 is able to docum5t-- 7i7 an inability to rehire individuals :o 7 employees ( ! eligible recipi5t on ,febru>y #ae1 #bjbj2 & 7ii7 an inability to hire simil>ly qualifi$ employees = unfill$ positions on or be=e ,decemb] #ca1 #bjbj2 or 7,b7 is able to docum5t an inability to return to ! same level ( bus9ess activity z su* bus9ess 0 op]at+ at be=e ,febru>y #ae1 #bjbj1 due to compliance ) requirem5ts e/abli%$ or guidance issu$ by ! ,secret>y ( ,heal? & ,human ,s]vices1 ! ,director ( ! ,c5t]s = ,disease ,control & ,prev5tion1 or ! ,occupational ,safety & ,heal? ,adm9i/ration dur+ ! p]iod beg9n+ on ,m>* #a1 #bjbj1 & end+ ,decemb] #ca1 #bjbj1 relat$ to ! ma9t5ance ( /&>ds = sanitation1 social di/anc+1 or any o!r work] or cu/om] safety requirem5t relat$ to ,,covid-#ai4 7#h7 ,limitation on =giv5ess ,to receive loan =giv5ess "u ?is section1 an eligible recipi5t %all use at lea/ #fj p]c5t ( ! cov]$ loan am\nt = payroll co/s1 & may use up to #dj p]c5t ( su* am\nt = any paym5t ( int]e/ on any cov]$ mortgage obligation 7:i* %all n include any prepaym5t ( or paym5t ( pr9cipal on a cov]$ mortgage obligation71 any paym5t on any cov]$ r5t obligation1 or any cov]$ utility paym5t4 2 & 7#c7 by add+ at ! end ! foll[+ new subsection3 7l7 ,application to c]ta9 eligible recipi5ts ,an eligible recipi5t t receiv$ a cov]$ loan be=e ! date ( enactm5t ( ?is subsection may elect = ! cov]$ p]iod applicable to su* cov]$ loan to end on ! date t is #h weeks aft] ! date ( ! orig9ation ( su* cov]$ loan4 4 7c7 ,ext5sion ( def]ral p]iod ,section #g7;a77#cf77,m7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77,m77 is am5d$-- 7#a7 9 clause 7ii77,,ii71 by /rik+ = a p]iod ( n less ?an #f mon?s1 includ+ paym5t ( pr9cipal1 int]e/1 & fees1 & n m ?an #a ye>4 & ins]t+ ! foll[+3 1 includ+ paym5t ( pr9cipal1 int]e/1 & fees1 until ! date on :i* ! am\nt ( =giv5ess det]m9$ "u section #aajf ( ! ,,c>es ,act is remitt$ to ! l5d]42 7#b7 9 clause 7iii71 by /rik+ = a p]iod ( n less ?an #f mon?s1 includ+ paym5t ( pr9cipal1 int]e/1 & fees1 & n m ?an #a ye>4 & ins]t+ ! foll[+3 1 includ+ paym5t ( pr9cipal1 int]e/1 & fees1 until ! date on :i* ! am\nt ( =giv5ess det]m9$ "u section #aajf ( ! ,,c>es ,act is remitt$ to ! l5d]42 & 7#c7 by add+ at ! end ! foll[+ new clause3 7v7 ,rule ( con/ruction ,if an eligible recipi5t fails to apply = =giv5ess ( a cov]$ loan )9 #aj mon?s aft] ! la/ day ( ! cov]$ p]iod def9$ 9 section #aajf7;a7 ( ! ,,c>es ,act1 su* eligible recipi5t %all make paym5ts ( pr9cipal1 int]e/1 & fees on su* cov]$ loan beg9n+ on ! day t is n e>li] ?an ! date t is #aj mon?s aft] ! la/ day ( su* cov]$ p]iod4 4 7d7 ,effective date2 applicability ,! am5dm5ts made by ?is section %all be effective z if includ$ 9 ! ,,c>es ,act 7,public ,law #aaf-acf7 & %all apply to any loan made pursuant to section #g7;a77#cf7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77 or section #aaji ( ! ,,c>es ,act4 #d4 ,delay ( paym5t ( employ] payroll taxes 7a7 ,9 g5]al ,section #bcjb7;a7 ( ! ,,c>es ,act 7,public ,law #aaf-acf7 is am5d$ by /rik+ p>agraph 7#c74 7b7 ,effective date2 applicability ,! am5dm5ts made by ?is section %all be effective z if includ$ 9 ! ,,c>es ,act 7,public ,law #aaf-acf7 & %all apply to any loan made pursuant to section #g7;a77#cf7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77 or section #aaji ( ! ,,c>es ,act4 #e4 ,em]g5cy designation 7a7 ,9 g5]al ,?is ,act is designat$ z an em]g5cy requirem5t pursuant to section #d7;g7 ( ! ,/atutory ,pay-,z-,y-,g ,act ( #bjaj 7#b ,u4,s4,c4 #icc7;g774 7b7 ,designation 9 ,s5ate ,9 ! ,s5ate1 ?is ,act is designat$ z an em]g5cy requirem5t pursuant to section #daab7;a7 ( ,h4 ,con4 ,res4 #ga 7#aae? ,congress71 ! concurr5t resolution on ! budget = fiscal ye> #bjah4 ,pass$ ! ,h\se ( ,repres5tatives ,may #bh1 #bjbj4;,cl]k4