PPP TIME Act

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.