United States · Bill · S
S. 3702 (116th)
A bill to appropriate additional amounts to provide loans under the paycheck protection program to community development financial institutions and minority depository institutions, and for other purposes.
Introduced
12 May 2020
Last action
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Status
Read twice and referred to the Committee on Small Business and Entrepreneurship.
Sponsors
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Subjects
Discovery layer
Source updated
14 January 2025
Summary
This bill modifies and provides additional funding for the Paycheck Protection Program established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019). Specifically, the bill provides an additional $10 billion to guarantee paycheck protection loans, $7.5 billion of which shall be for small loans made by community development financial institutions or minority depository institutions. The bill also establishes a grant program to provide assistance to community development financial institutions and minority depository institutions that primarily make small paycheck protection loans; provides additional funding for the Community Development Financial Institutions Fund and prioritizes support for minority-led community development financial institutions or community development financial institutions that serve communities of color; authorizes community development financial institutions that are certified by the fund to make and approve paycheck protection loans; extends the deadline to apply for a paycheck protection loan; allows recipients up to 24 weeks to use their paycheck protection loan; and extends the deadline by which a paycheck protection loan recipient must eliminate a reduction in employment, salary, or wages to be eligible for loan forgiveness.
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Versions
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Documents
3 official files
Introduced in Senate (text)
Introduced in Senate · EN · 12 May 2020
Introduced in Senate (PDF)
Introduced in Senate · EN · 12 May 2020
Introduced in Senate
summary · EN · 12 May 2020
Sponsors
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Related records
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Sources
PoliticalRepo is an index and interpretation layer, not the authoritative legal source.
- Official source: https://www.congress.gov/bill/116th-congress/senate-bill/3702
- Open data entity: https://api.congress.gov/v3/bill/116/s/3702