To amend the Small Business Act and the CARES Act to establish a program for second draw loans and make other modifications to the paycheck protection program, and for other purposes.
Latest action · Sep 16, 2020 Referred to the Committee on Small Business, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedSep 16, 2020
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
This bill establishes funding for, expands, and provides additional economic assistance to small businesses in response to COVID-19 (i.e., coronavirus disease 2019).
Specifically, the Small Business Administration is authorized to provide second draw loans of up to $2 million under the Paycheck Protection Program. A recipient shall be eligible for forgiveness of a second draw loan in the same manner as an initial paycheck protection loan.
Further the bill modifies the Paycheck Protection Program by, among other things, (1) expanding forgivable expenses, (2) allowing borrowers to select an eight-week period through December 31, 2020, to use their paycheck protection loan, (3) simplifying the forgiveness application for smaller loans, (4) expanding eligibility to certain chambers of commerce and destination marketing organizations, and (5) establishing a specific loan calculation for farmers and ranchers.
Cosponsors 69
Members who signed on, in the order they did. Signatures ran from Sep 18, 2020 to Dec 15, 2020.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-TN | David Kustoff | Sep 18, 2020 | |
| R-NC | David Rouzer | Sep 18, 2020 | |
| R-WA | Jaime Herrera Beutler | Sep 18, 2020 | |
| R-FL | Mario Diaz-Balart | Sep 18, 2020 | |
| R-LA | Steve Scalise | Sep 18, 2020 | |
| R-OH | Troy Balderson | Sep 18, 2020 | |
| R-GA | Austin Scott | Sep 21, 2020 | |
| R-WA | Cathy McMorris Rodgers | Sep 21, 2020 | |
| R-LA | Clay Higgins | Sep 21, 2020 | |
| R-IN | Greg Pence | Sep 21, 2020 | |
| R-IN | Jackie Walorski | Sep 21, 2020 | |
| R-MN | Jim Hagedorn | Sep 21, 2020 | |
| R-FL | John H. Rutherford | Sep 21, 2020 | |
| R-TX | Kenny Marchant | Sep 21, 2020 | |
| R-TX | Lance Gooden | Sep 21, 2020 |
Actions 2
Everything that happened, newest first.
- Sep 16, 2020Introduced in House
- Sep 16, 2020Referred to the Committee on Small Business, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Related bills 7
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 3918 | Paycheck Protection for Producers Act | Related bill | Jun 9, 2020 |
| S 4321 | Continuing Small Business Recovery and Paycheck Protection Program Act | Related bill | Jul 27, 2020 |
| S 4773 | Continuing the Paycheck Protection Program Act | Related bill | Oct 1, 2020 |
| S 4775 | Delivering Immediate Relief to America’s Families, Schools and Small Businesses Act | Related bill | Oct 1, 2020 |
| HR 7175 | Paycheck Protection for Producers Act | Related bill | Jun 11, 2020 |
Subjects
Assigned by the Library of Congress. Policy area: Commerce.
- Accounting and auditing
- Administrative law and regulatory procedures
- Agricultural prices, subsidies, credit
- Appropriations
- Bankruptcy
- Business ethics
- Business expenses
- Cardiovascular and respiratory health
- Commerce
- Computers and information technology
- Congressional oversight
- Corporate finance and management
- Disability assistance
- Emergency medical services and trauma care
- Employee benefits and pensions
- Farm Credit Administration
- Government lending and loan guarantees
- Government studies and investigations
- Home and outpatient care
- Infectious and parasitic diseases
- Life, casualty, property insurance
- Public participation and lobbying
- Religion
- Small business
- Small Business Administration
- Social work, volunteer service, charitable organizations
- Tax-exempt organizations
- Temporary and part-time employment
- Veterans' organizations and recognition
- Wages and earnings
- Worker safety and health
Text 1
Each version as it was printed, newest first.
- Sep 16, 2020Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.
