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Promoting Flexibility for Small Business Owners Act

Introduced: May 12, 2020 See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 12, 2020
Referred to the House Committee on Small Business.
May 12, 2020
Introduced in House
 Plain-English summary Congressional Research Service

Promoting Flexibility for Small Business Owners Act

This bill extends certain deadlines related to loan forgiveness that are applicable to a loan recipient under the Paycheck Protection Program, which was established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019).

Specifically, the bill extends by at least one month the covered period during which a loan recipient must spend the loan to be eligible for loan forgiveness. The bill also extends by one month the deadline for a small business to rehire employees or eliminate salary or wage reductions to be eligible for loan forgiveness.

The bill authorizes the Small Business Administration, after considering specified criteria, to further extend the deadline for rehiring employees or eliminating salary or wage reductions for entities within certain industry categories.

What's happening now May 12, 2020

Referred to the House Committee on Small Business.

 Committees of jurisdiction 1
 Cosponsors 2
All 2 Republican 2