,,ii  #aaf? ,,congress  #b;d ,session   
,s4 #chje  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,may #ba1 #bjbj,mr4 ,k+
 7= himself1 ,mr4 ,da9es1 ,mr4 ,ka9e1   
,mr4 ,tillis1 ,ms4 ,/ab5[1 & ,mr4       
,g>dn]7 introduc$ ! foll[+ bill2 :i* 0  
read twice & ref]r$ to ! ,committee on  
,f9ance  ,a ,,bill  ,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 ,section         
#g7;a77#cf77,k77ii7 ( ! ,small ,bus9ess 
,act 7#ae ,u4,s4,c4                     
#fcf7;a77#cf77,k77ii77 is am5d$ by      
ins]t+ m9imum maturity ( #e ye>s & a    
be=e maximum maturity4  #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[+3  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 r$uction 9 ! numb] (     

full-"t equival5t employees if an       
eligible recipi5t-- 7,a7 is unable to   
rehire an individual :o 0 an employee ( 
! eligible recipi5t on or be=e ,febru>y 
#ae1 #bjbj2  7,b7 is able to demon/rate 
an inability to hire simil>ly qualifi$  
employees on or be=e ,decemb] #ca1      
#bjbj2 or  7,c7 is able to demon/rate an
 inability to return to ! same level (  
bus9ess activity z ! eligible recipi5t 0
 op]at+ at be=e ,febru>y #ae1 #bjbj4    
7#h7 ,no limitations ,9 c>ry+ out ?is   
section1 ! ,adm9i/rator may n limit !   
non-payroll portion ( a =givable cov]$  
loan am\nt2  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  #d4    
,delay ( paym5t ( employ] payroll taxes 
,section #bcjb7;a7 ( ! ,,c>es ,act      

7,public ,law #aaf-acf7 is am5d$ by     
/rik+ p>agraph 7#c74  #e4 ,effective    
date2 applicability ,! am5dm5ts made by 
?is ,act %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 ,act 7,public ,law #aaf-acf74