Sec. 2. Extension of covered period for loan forgiveness under the paycheck protection program for the hardest hit businesses
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Section 1106 of the CARES Act ( Public Law 116–136 ) is amended— by amending subsection (a)(3) to read as follows: the term covered period means— except as provided in subparagraph (B), the 8-week period beginning on the date of the origination of a covered loan; or the period beginning on the date of the origination of a covered loan and ending on the later of the date that is 16 weeks after the date of the origination of the covered loan and the date that is 8 weeks after the date of enactment of the Reviving the Economy Sustainably Towards A Recovery in Twenty-twenty Act , if the eligible recipient of the covered loan— has less than 500 full-time equivalent employees; and makes a good faith certification to the Administrator that, during the 8-week period described in subparagraph (A), the eligible recipient suffered a decline in gross receipts of not less than 25 percent relative to a comparable 8-week period— immediately preceding March 2, 2020; or during 2019; ; and in subsection (d)(2), by adding at the end the following:
This paragraph shall not apply with respect to an eligible recipient described in subsection (a)(3)(B). .
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Sec. 2
Extension of covered period for loan forgiveness under the paycheck protection program for the hardest hit businesses
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