Paycheck Protection Program Timeframe Modification and Extension Act or the PPP TIME Act This bill modifies the Paycheck Protection Program established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019). Specifically, the bill extends the program through August 15, 2020, and it allows a loan recipient to select any eight-week period within the program's duration to use their loan. The bill also prohibits the Small Business Administration from requiring a paycheck protection loan recipient to use at least 50% of loan amounts for payroll costs. Further, the bill defers payment of applicable employment taxes for a paycheck protection loan recipient that has had loan amounts forgiven. Currently, a taxpayer that has had loan amounts forgiven is ineligible for such deferral.