S. 4773 · 116th Congress
A bill to establish the Paycheck Protection Program Second Draw Loan, and for other purposes.
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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.
R
CollinsSponsor1 cosponsor · 1 R
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill establishes funding for, expands, and provides additional economic assistance to small businesses in response to COVID-19.
What it does: CRS summary · Introduced in Senate · Sep 30, 2020
Continuing the Paycheck Protection Program Act
This bill establishes funding for, expands, and provides additional economic assistance to small businesses in response to COVID-19.
Specifically, the Small Business Administration is authorized to provide second draw loans of up to $2 million under the Paycheck Protection Program. A recipient shall be eligible for forgiveness of a second draw loan in the same manner as an initial paycheck protection loan.
Further the bill modifies the Paycheck Protection Program by, among other things, (1) expanding forgivable expenses, (2) allowing borrowers to select an eight-week period to use their paycheck protection loan, (3) simplifying the forgiveness application for smaller loans, (4) expanding eligibility to certain chambers of commerce and destination marketing organizations, and (5) establishing a specific loan calculation for farmers and ranchers.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: A bill to establish the Paycheck Protection Program Second Draw Loan, and for other purposes.
Latest action (Oct 1, 2020): Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 562.
Policy area: Commerce · Origin: Senate · Introduced: Sep 30, 2020
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.