To modify requirements relating to the participation of community development financial institutions in the paycheck protection program of the Small Business Administration, and for other purposes.

Summary

This bill authorizes community development financial institutions to make loans under the Paycheck Protection Program established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019). The bill also allows the Small Business Administration and the Department of the Treasury to revoke a lender's authority to make paycheck protection loans upon a joint determination that (1) the lender has had recent material operational shortcomings that warrant such a revocation, and (2) the revocation is consistent with the purpose of the program.

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3 official files

• Introduced in House (text)

  Introduced in House · EN · 15 May 2020

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• Introduced in House (PDF)

  Introduced in House · EN · 15 May 2020

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• Introduced in House

  summary · EN · 15 May 2020

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