Paycheck Recovery Act of 2020

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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 JayapalSponsor

110 cosponsors · 109 D, 1 R

92 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.

This bill directs the Department of the Treasury to establish a paycheck recovery program to provide grants for certain small businesses and employers that have lost revenue because of COVID-19 (i.e., coronavirus disease 2019) to pay wages and fixed expenses such as rent, utilities, and safety equipment.

What it does: CRS summary · Introduced in House · May 19, 2020

Paycheck Recovery Act of 2020

Treasury shall award such grants to employers that have experienced revenue losses above a 10% gross receipts threshold or to small businesses that employ 20 or fewer individuals and have annual gross receipts of less than $3 million. Recipients shall receive an initial, 90-day grant that covers the percentage of revenue loss multiplied by wages provided to an employee (up to a salary cap of $90,000), plus an additional 25% of total wages to cover business operating costs. Subsequent grants shall be disbursed on a monthly basis until the nationwide unemployment rate remains below 7% for three consecutive months, at which point Treasury shall terminate the program.

An employer receiving a grant must meet certain conditions related to share repurchases, payments to shareholders or bondholders, and executive compensation and bonuses, as well as conditions relating to labor protections such as keeping employees on payroll and benefits.

The bill also establishes a Congressional Paycheck Recovery Program Implementation Oversight Board to ensure employers that receive grants use the funds appropriately and comply with all conditions.

Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov

About this bill and sources

Official title: Paycheck Recovery Act of 2020

Latest action (May 19, 2020): Referred to the Committee on Financial Services, and in addition to the Committees on the Judiciary, and Energy and Commerce, 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.

Policy area: Commerce · Origin: House · Introduced: May 19, 2020

Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)

No recorded floor vote found.