Section 1 Short title
This Act may be cited as the “Promoting Flexibility for Small Business Owners Act”.
Promoting Flexibility for Small Business Owners Act
A BILL
To amend the CARES Act to provide additional time for employers to maximize their loan forgiveness under the paycheck protection program, and for other purposes.
Sec. 2 Additional time to maximize loan forgiveness under the paycheck protection program
Section 1106 of the CARES Act (Public Law 116–136) is amended—
in subsection (a)(3), by striking “the 8-week period beginning on” and inserting the following:
“(A) the date selected by the borrower; or
“(B) the date that is 30 days after”
in subsection (d)(5)—
in subparagraph (B)—
in clause (i)(II), by striking “June 30, 2020” and inserting “July 31, 2020”; and
in clause (ii)(II), by striking “June 30, 2020” and inserting “July 31, 2020”; and
by adding at the end the following new subparagraph:
“(C) Extension
“(i) In general—The Administrator, in coordination with the Secretary of the Treasury, may extend the deadlines described in clauses (i)(II) and (ii)(II) of subparagraph (B) for entities within certain industry categories, as determined by the Administrator in accordance with the North American Industry Classification System codes.
“(ii) Criteria—When making a determination whether to extend a deadline under clause (i), the Administrator shall consider—
“(I) the restrictions on the operations of the industry category imposed by Federal, State, or local governments based on COVID–19;
“(II) industry category revenue as compared to industry category revenue at the same time in prior years;
“(III) unemployment levels in the industry category as compared to unemployment levels in the industry category in prior years; and
“(IV) such other criteria as determined by the Administrator, in consultation with the Secretary of the Treasury, to be appropriate.”