H.R. 6755 · 116th Congress
PPP Small Business Support Act
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Never voted on. It didn't reach a floor vote before the 116th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
FosterSponsorNo cosponsors.
This bill revises reimbursement requirements pursuant to which the Small Business Administration (SBA) provides funds to lenders participating in the Paycheck Protection Program established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019).
What it does: CRS summary · Introduced in House · May 8, 2020
PPP Small Business Support Act
This bill revises reimbursement requirements pursuant to which the Small Business Administration (SBA) provides funds to lenders participating in the Paycheck Protection Program established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019).
Specifically, the bill requires the SBA to give a lender that makes a paycheck protection loan a reimbursement of $1,000 for each such loan, with graduated additional amounts distributed to a lender based on the amount of the loan. The bill also provides a further reimbursement of $250 for each paycheck protection loan that a lender with consolidated assets of less than $50 billion provides to a new customer.
Further, the bill requires the SBA to determine whether demand for paycheck protection loans is likely to exceed any future appropriated amounts and, if so, to prioritize providing guarantees for loans of $300,000 or less.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: PPP Small Business Support Act
Latest action (May 8, 2020): Referred to the House Committee on Small Business.
Policy area: Commerce · Origin: House · Introduced: May 8, 2020
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.