PPP Small Business Support Act

Summary

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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 8 May 2020

   Introduced

   Referred to the House Committee on Small Business.

   Source: IntroReferral

2. 8 May 2020

   Introduced

   Introduced in House

   Source: IntroReferral

3. 8 May 2020

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 8 May 2020 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 8 May 2020

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 8 May 2020

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 8 May 2020

  Open at official source

Sponsors

• Rep. Foster, Bill [D-IL-11] · D · Sponsor
• · hssm00 · Standing

Related records

No cross-record relationships stored yet.