Section 1 Short title
This Act may be cited as the “PPP Deadline Extension Adjustment for Loans Act” or the “PPP DEAL Act”.
PPP Deadline Extension Adjustment for Loans Act
A BILL
To extend the covered period for loan forgiveness and the rehiring period under the CARES Act, and for other purposes.
Sec. 2 Extension of loan forgiveness period and rehiring period under CARES Act
Section 1106 of the CARES Act (Public Law 116–136) is amended—
in subsection (a)(3), by striking “8-week” and inserting “16-week”; and
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”.