Sec. 90004. Amendments to paycheck protection program loan forgiveness
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Section 1106(a)(3) of the CARES Act ( Public Law 116–136 ) is amended to read as follows: the term covered period means the period beginning on the date of the origination of a covered loan and ending on the earlier of— the date that is 24 weeks after such date of origination; or December 31, 2020; . Section 1106(d)(5)(B) of such Act is amended by striking June 30, 2020 each place it appears and inserting December 31, 2020 . Section 1106(a)(7) of the CARES Act ( Public Law 116–136 ) is amended— in subparagraph (C), by striking and at the end; in subparagraph (D), by striking and at the end; and by adding at the end the following new subparagraphs: interest on any other debt obligations that were incurred before the covered period; any amount that was a loan made under subsection (b)(2) that was refinanced as part of a covered loan and authorized by section 7(a)(36)(F)(iv) of the Small Business Act; and .
Section 1106(b) of the CARES Act ( Public Law 116–136 ) is amended by adding at the end the following new paragraphs: Any payment of interest on any other debt obligations that were incurred before the covered period. Any amount that was a loan made under section 7(b)(2) of the Small Business Act that was refinanced as part of a covered loan and authorized by section 7(a)(36)(F)(iv) of such Act. . Section 1106 of the CARES Act ( Public Law 116–136 ) is amended— in subsection (e)— in paragraph (2), by striking payments on covered mortgage obligations, payments on covered lease obligations, and covered utility payments and inserting payments or amounts refinanced described under subsection
(b)(other than payroll costs) ; in paragraph (3)(B), by striking , make interest payments and all that follows through or make covered utility payments and inserting , make payments described under subsection (b), or that was refinanced as part of a covered loan and authorized by section 7(a)(36)(F)(iv) of the Small Business Act ; and in subsection (h), by striking payments for payroll costs, payments on covered mortgage obligations, payments on covered lease obligations, or covered utility payments each place it appears and inserting payments or amounts refinanced described under subsection
(b). Section 1106(e) of the CARES Act ( Public Law 116–136 ) as amended by subsection (b), is further amended— in paragraph (3)(B), by striking and at the end; by redesignating paragraph
(4)as paragraph (6); and by inserting after paragraph
(3)the following new paragraphs: information on the veteran status, gender, race, and ethnicity, as reported on Form 1919 of the Administration or any similar loan application form of the Administration, of the eligible recipient; the number of full-time equivalent employees of the eligible recipient— on February 15, 2020; on the day the eligible recipient submitted an application for a covered loan; and on the day the eligible recipient submitted an application for forgiveness of a covered loan under this section; and . Section 1106(d) of the CARES Act ( Public Law 116–136 ) is amended by adding at the end the following new paragraph: During the period beginning on February 15, 2020 and ending on December 31, 2020, the amount of loan forgiveness under this section shall be determined without regard to a reduction in the number of full-time equivalent employees if an eligible recipient— is unable rehire an individual who was an employee of the eligible recipient on or before February 15, 2020; is able to demonstrate an inability to find similarly qualified employees on or before December 31, 2020; or is able to demonstrate an inability to return to the same level of business activity as such business was operating at prior to February 15, 2020. . Section 1106(d) of the CARES Act ( Public Law 116–136 ), as amended by subsection (d), is further amended by adding at the end the following new paragraph: In carrying out this section, the Administrator may not limit the non-payroll portion of a forgivable covered loan amount. . Section 1106(h) of the CARES Act ( Public Law 116–136 ), as amended by subsection (b)(3)(B), is further amended by striking If a lender and all that follows through during covered period inserting the following: If a lender has received any documentation required under this Act related to payments or amounts refinanced described under subsection
(b)(other than payroll costs) made by an eligible recipient attesting that the eligible recipient has accurately verified such payments .
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Sec. 90004
Amendments to paycheck protection program loan forgiveness
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