Paycheck Protection Program Integrity Act of 2020
Latest action · Aug 6, 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.
- IntroducedAug 6, 2020
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Paycheck Protection Program Integrity Act of 2020
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 reduces the amount of loan forgiveness by (1) the amount of a recipient's after-tax income, or (2) the increase in net assets if the recipient is a nonprofit organization. A recipient seeking loan forgiveness must submit documentation verifying after-tax income and net assets to determine any paycheck protection loan repayment.
Further, the bill requires the disclosure of paycheck protection loan information in accordance with applicable laws.
Cosponsors
Members who signed on, in the order they did.
Actions 2
Everything that happened, newest first.
- Aug 6, 2020Introduced in Senate
- Aug 6, 2020Read twice and referred to the Committee on Small Business and Entrepreneurship.
Subjects
Assigned by the Library of Congress. Policy area: Commerce.
- Business expenses
- Business records
- Cardiovascular and respiratory health
- Commerce
- Emergency medical services and trauma care
- Government information and archives
- Government lending and loan guarantees
- Infectious and parasitic diseases
- Small business
- Social work, volunteer service, charitable organizations
- Tax administration and collection, taxpayers
- Wages and earnings
Text 1
Each version as it was printed, newest first.
- Aug 6, 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.
