1. Short title This Act may be cited as the Paycheck Protection Program Flexibility Act of 2020 . 2. Maturity for loans with remaining balance after application of forgiveness (a) In general Section 7(a)(36)(K)(ii) of the Small Business Act ( 15 U.S.C. 636(a)(36) ) is amended by inserting minimum maturity of 5 years and a before maximum maturity . (b) Effective date; applicability The amendment made by this section shall take effect on the date of the enactment of this Act and shall apply to any loan made pursuant to section 7(a)(36) of the Small Business Act ( 15 U.S.C. 636(a)(36) ) on or after such date. Nothing in this Act, the CARES Act ( Public Law 116–136 ), or the Paycheck Protection Program and Health Care Enhancement Act ( Public Law 116–139 ) shall be construed to prohibit lenders and borrowers from mutually agreeing to modify the maturity terms of a covered loan described in subparagraph (K) of such section to conform with requirements of this section. 3. Amendments to paycheck protection program loan forgiveness (a) Extension of covered period Section 7(a)(36)(A)(iii) of the Small Business Act ( 15 U.S.C. 636(a)(36)(A)(iii) ) is amended by striking June 30, 2020 and inserting December 31, 2020 . (b) Forgiveness Section 1106 of the CARES Act ( Public Law 116–136 ) is amended— (1) in subsection (a), by striking paragraph (3) and inserting the following: (3) the term covered period means, subject to subsection (l), the period beginning on the date of the origination of a covered loan and ending the earlier of— (A) the date that is 24 weeks after such date of origination; or (B) December 31, 2020; ; (2) in subsection (d)— (A) in paragraph (5)(B), by striking June 30, 2020 each place it appears and inserting December 31, 2020