Paycheck Protection Small Business Forgiveness Act
Latest action · Jun 30, 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.
- IntroducedJun 30, 2020
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Paycheck Protection Small Business Forgiveness Act
This bill modifies loan forgiveness under the Paycheck Protection Program established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019).
Specifically, the bill provides for automatic forgiveness of a paycheck protection loan that is not more than $150,000 if the recipient submits a one-page form. Further, it prohibits any enforcement or other action against a lender relating to loan origination, forgiveness, or guarantee based on the lender's reliance on certifications or documentation submitted by a loan applicant or recipient.
Cosponsors 32
Members who signed on, in the order they did. Signatures ran from Jun 30, 2020 to Dec 11, 2020; 3 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| I-AZ | Kyrsten Sinema | Original | Jun 30, 2020 |
| D-NJ | Robert Menendez | Original | Jun 30, 2020 |
| R-NC | Thom Tillis | Original | Jun 30, 2020 |
| R-AZ | Martha McSally | Jul 1, 2020 | |
| R-WV | Shelley Moore Capito | Jul 1, 2020 | |
| R-AR | Tom Cotton | Jul 1, 2020 | |
| R-GA | David Perdue | Jul 21, 2020 | |
| R-KS | Jerry Moran | Jul 21, 2020 | |
| D-WV | Joe Manchin III | Jul 21, 2020 | |
| R-WY | John Barrasso | Jul 21, 2020 | |
| R-AR | John Boozman | Jul 21, 2020 | |
| R-TX | John Cornyn | Jul 21, 2020 | |
| R-GA | Kelly Loeffler | Jul 21, 2020 | |
| R-AK | Lisa Murkowski | Jul 21, 2020 | |
| R-ID | Mike Crapo | Jul 21, 2020 | |
| R-SD | Mike Rounds | Jul 21, 2020 | |
| R-MO | Roy Blunt | Jul 21, 2020 | |
| R-MT | Steve Daines | Jul 21, 2020 | |
| R-TX | Ted Cruz | Jul 22, 2020 | |
| R-LA | Bill Cassidy | Jul 23, 2020 | |
| R-CO | Cory Gardner | Jul 23, 2020 | |
| R-NC | Richard Burr | Jul 23, 2020 | |
| R-MS | Roger F. Wicker | Jul 23, 2020 | |
| R-AK | Dan Sullivan | Jul 28, 2020 | |
| D-AL | Doug Jones | Aug 3, 2020 | |
| R-OK | James Lankford | Aug 4, 2020 | |
| R-MS | Cindy Hyde-Smith | Aug 6, 2020 | |
| R-LA | John Kennedy | Aug 6, 2020 | |
| R-OK | James M. Inhofe | Sep 8, 2020 | |
| R-WY | Michael B. Enzi | Sep 8, 2020 | |
| R-NE | Ben Sasse | Sep 29, 2020 | |
| D-NV | Jacky Rosen | Dec 11, 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 Jul 1, 2020 |
Actions 2
Everything that happened, newest first.
- Jun 30, 2020Introduced in Senate
- Jun 30, 2020Read twice and referred to the Committee on Small Business and Entrepreneurship.
In the Congressional Record 2
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| Senate | Debate and remarks S5908–S5911 | Benjamin L. Cardin D-MD, Kevin Cramer R-ND, Mike Rounds R-SD, Thom Tillis R-NC | Sep 30, 2020 |
| Senate | Debate and remarks S4570 | Kevin Cramer R-ND | Jul 29, 2020 |
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Printed hearings 1
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| S. Hrg. 116-412 | THE QUARTERLY CARES ACT REPORT TO CONGRESS84 pages | Banking, Housing, and Urban Affairs Committee | Dec 1, 2020 |
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 7777 | Paycheck Protection Small Business Forgiveness Act | Related bill | Jul 24, 2020 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- A bill to provide automatic forgiveness for paycheck protection program loans under $150,000, and for other purposes.
- Short Title(s) as Introduced
- Paycheck Protection Small Business Forgiveness Act
Subjects
Assigned by the Library of Congress. Policy area: Commerce.
Text 1
Each version as it was printed, newest first.
- Jun 30, 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.
