A bill to appropriate additional amounts to provide loans under the paycheck protection program to community development financial institutions and minority depository institutions, and for other purposes.
Latest action · May 12, 2020 Read twice and referred to the Committee on Small Business and Entrepreneurship.
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.
- IntroducedMay 12, 2020
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
This bill modifies and provides additional funding for the Paycheck Protection Program established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019).
Specifically, the bill provides an additional $10 billion to guarantee paycheck protection loans, $7.5 billion of which shall be for small loans made by community development financial institutions or minority depository institutions.
The bill also
- establishes a grant program to provide assistance to community development financial institutions and minority depository institutions that primarily make small paycheck protection loans;
- provides additional funding for the Community Development Financial Institutions Fund and prioritizes support for minority-led community development financial institutions or community development financial institutions that serve communities of color;
- authorizes community development financial institutions that are certified by the fund to make and approve paycheck protection loans;
- extends the deadline to apply for a paycheck protection loan;
- allows recipients up to 24 weeks to use their paycheck protection loan; and
- extends the deadline by which a paycheck protection loan recipient must eliminate a reduction in employment, salary, or wages to be eligible for loan forgiveness.
Cosponsors 1
Members who signed on, in the order they did. All signed on May 12, 2020.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-IL | Tammy Duckworth | Original | May 12, 2020 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| Senate | Small Business and Entrepreneurship Committee | Referred May 12, 2020 |
Actions 2
Everything that happened, newest first.
- May 12, 2020Introduced in Senate
- May 12, 2020Read twice and referred to the Committee on Small Business and Entrepreneurship.
Titles 1
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- A bill to appropriate additional amounts to provide loans under the paycheck protection program to community development financial institutions and minority depository institutions, and for other purposes.
Subjects
Assigned by the Library of Congress. Policy area: Commerce.
- Appropriations
- Business expenses
- Cardiovascular and respiratory health
- Commerce
- Credit and credit markets
- Department of the Treasury
- Emergency medical services and trauma care
- Executive agency funding and structure
- Government information and archives
- Government lending and loan guarantees
- Housing and community development funding
- Infectious and parasitic diseases
- Minority and disadvantaged businesses
- Small business
- Wages and earnings
Text 1
Each version as it was printed, newest first.
- May 12, 2020Introduced in Senate
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; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
