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United States · Bill · HR

H.R. 6918 (116th)

Paycheck Recovery Act of 2020

referredUnited States· United States Congress· EN

Introduced

19 May 2020

Last action

19 May 2020 · Introduced

Status

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.

Sponsors

Rep. Jayapal, Pramila [D-WA-7], Rep. Stevens, Haley M. [D-MI-11], Sen. Schiff, Adam B. [D-CA], Rep. Casten, Sean [D-IL-6], Rep. Pocan, Mark [D-WI-2], Rep. Porter, Katie [D-CA-47], Rep. Escobar, Veronica [D-TX-16], Rep. Adams, Alma S. [D-NC-12], Rep. Bass, Karen [D-CA-37], Rep. Beatty, Joyce [D-OH-3], Rep. Beyer, Donald S. [D-VA-8], Rep. Blumenauer, Earl [D-OR-3], Sen. Blunt Rochester, Lisa [D-DE], Rep. Bonamici, Suzanne [D-OR-1], Rep. Boyle, Brendan F. [D-PA-2], Rep. Brownley, Julia [D-CA-26], Rep. Castro, Joaquin [D-TX-20], Rep. Carson, André [D-IN-7], Rep. Chu, Judy [D-CA-28], Rep. Cicilline, David N. [D-RI-1], Rep. Clark, Katherine M. [D-MA-5], Rep. Clarke, Yvette D. [D-NY-9], Rep. Cleaver, Emanuel [D-MO-5], Rep. Cohen, Steve [D-TN-9], Rep. Connolly, Gerald E. [D-VA-11], Rep. DeFazio, Peter A. [D-OR-4], Rep. DeLauro, Rosa L. [D-CT-3], Rep. Dingell, Debbie [D-MI-6], Rep. Espaillat, Adriano [D-NY-13], Rep. Evans, Dwight [D-PA-3], Rep. Fudge, Marcia L. [D-OH-11], Rep. García, Jesús G. "Chuy" [D-IL-4], Rep. Garcia, Sylvia R. [D-TX-29], Rep. Grijalva, Raúl M. [D-AZ-7], Rep. Haaland, Debra A. [D-NM-1], Rep. Hastings, Alcee L. [D-FL-20], Rep. Hayes, Jahana [D-CT-5], Rep. Heck, Denny [D-WA-10], Rep. Horsford, Steven [D-NV-4], Rep. Jackson Lee, Sheila [D-TX-18], Rep. Jeffries, Hakeem S. [D-NY-8], Rep. Johnson, Henry C. "Hank" [D-GA-4], Rep. Kennedy, Joseph P., III [D-MA-4], Rep. Larson, John B. [D-CT-1], Rep. Lee, Barbara [D-CA-12], Rep. Levin, Andy [D-MI-9], Rep. Levin, Mike [D-CA-49], Rep. Lieu, Ted [D-CA-36]

Subjects

Discovery layer

Source updated

3 January 2025

Official sourceDownload fileView documentsShare

Summary

Paycheck Recovery Act of 2020 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. 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.

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

Timeline

  1. 19 May 2020

    Introduced

    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.

    Source: IntroReferral

  2. 19 May 2020

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 19 May 2020

    Introduced

    Introduced in House

    Source: IntroReferral

Votes

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Versions

Documents

3 official files

Introduced in House (text)

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  • Introduced in House (text)

    Introduced in House · EN · 19 May 2020

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  • Introduced in House (PDF)

    Introduced in House · EN · 19 May 2020

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  • Introduced in House

    summary · EN · 19 May 2020

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Sponsors

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Related records

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Sources

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