P4 Act

Summary

Prioritized Paycheck Protection Program Act or the P4 Act This bill authorizes new lending under the Paycheck Protection Program, established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019), for specified small businesses that have experienced a significant loss in revenue. Specifically, the bill authorizes one supplemental paycheck protection loan for a small business that (1) has no more than 100 employees, (2) operates under a sole proprietorship or as an independent contractor, or (3) is self-employed. To be eligible for a supplemental paycheck protection loan, such small business must demonstrate a loss of revenue of 50% or more and have either already expended an initial paycheck protection loan or be on pace to exhaust such loan prior to disbursal of the supplemental loan. The bill also extends the application deadline for an initial paycheck protection loan to December 31, 2020, and it authorizes loan recipients to apply for forgiveness as early as eight weeks after the loan's disbursal. The Small Business Administration must (1) issue guidance instructing lenders of paycheck protection loans to prioritize loan processing for and disbursement to underserved businesses, (2) update the loan application for paycheck protection loans to collect borrowers' demographic information, and (3) publish specified program information on its website.

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Timeline

1. 18 June 2020

   Introduced

   Read twice and referred to the Committee on Small Business and Entrepreneurship.

   Source: IntroReferral

2. 18 June 2020

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 18 June 2020 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 18 June 2020

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 18 June 2020

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 18 June 2020

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Cardin, Benjamin L. [D-MD] · D · Sponsor
• Sen. Coons, Christopher A. [D-DE] · D · Sponsor
• Sen. Shaheen, Jeanne [D-NH] · D · Sponsor
• Sen. Casey, Robert P., Jr. [D-PA] · D · Sponsor
• Sen. Feinstein, Dianne [D-CA] · D · Cosponsor
• Sen. Duckworth, Tammy [D-IL] · D · Cosponsor
• Sen. Schumer, Charles E. [D-NY] · D · Cosponsor
• Sen. Durbin, Richard J. [D-IL] · D · Cosponsor
• Sen. Carper, Thomas R. [D-DE] · D · Cosponsor
• Sen. Markey, Edward J. [D-MA] · D · Cosponsor
• · sssb00 · Standing

Related records

• related to ← P4 Act