S. 1140 · 117th Congress
Seasonal Business PPP Parity Act
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Never voted on. It didn't reach a floor vote before the 117th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
I
KingSponsor1 cosponsor · 1 R
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill increases the maximum loan amount for second draw loans under the Paycheck Protection Program, which was established to support small businesses in response to the COVID-19 pandemic.
What it does: CRS summary · Introduced in Senate · Apr 15, 2021
Seasonal Business PPP Parity Act
This bill increases the maximum loan amount for second draw loans under the Paycheck Protection Program, which was established to support small businesses in response to the COVID-19 pandemic.
Currently, program participants may receive second draw loans of up to $2 million. Under the program, certain small businesses (e.g., seasonal businesses) were eligible to receive increased amounts for first draw loans based on a revised calculation applicable to those businesses. However, a number of such businesses applied for and received loan forgiveness prior to the application of this revised calculation, which resulted in their receiving a lower amount than that to which they were entitled.
The bill allows businesses that received forgiveness for their first draw loan prior to the implementation of the revised calculation to take advantage of the new calculation in order to receive a larger amount for their second draw loan in addition to the standard loan amount of up to $2 million.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Seasonal Business PPP Parity Act
Latest action (Apr 15, 2021): Read twice and referred to the Committee on Small Business and Entrepreneurship.
Policy area: Commerce · Origin: Senate · Introduced: Apr 15, 2021
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.