S. 3714 — Introduced in Senate

II 116th CONGRESS 2d Session S. 3714 IN THE SENATE OF THE UNITED STATES May 13, 2020Mr. Manchin (for himself, Mr. Romney, Mr. Leahy, Mr. Gardner, and Mr. Wyden) introduced the following bill; which was read twice and referred to the Committee on Small Business and Entrepreneurship A BILL To extend the covered period for loan forgiveness and the rehiring period under the CARES Act, and for other purposes. 1. Short title This Act may be cited as the PPP Deadline Extension Adjustment for Loans Act or the PPP DEAL Act. 2. Extension of loan forgiveness period and rehiring period under CARES Act Section 1106 of the CARES Act (Public Law 116–136) is amended— (1) in subsection (a)(3), by striking 8-week and inserting 16-week; and (2) in subsection (d)(5)(B), by striking June 30, 2020 each place that term appears and inserting the date that is 16 weeks after the date of the origination of the covered loan.