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.
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