Continuing Small Business Recovery and Paycheck Protection Program Act

Summary

Continuing Small Business Recovery and Paycheck Protection Program Act This bill establishes funding for, expands, and provides additional economic assistance to small businesses in response to COVID-19 (i.e., coronavirus disease 2019). Specifically, the Small Business Administration (SBA) is authorized to provide second draw loans of up to $2 million under the Paycheck Protection Program. A recipient shall be eligible for forgiveness of a second draw loan in the same manner as an initial paycheck protection loan. The SBA may also provide loans of up to $10 million to recovery sector small businesses (e.g., certain seasonal businesses and businesses located in low-income census tracts) to meet working capital needs, acquire fixed assets, or refinance existing indebtedness while recovering from the COVID-19 pandemic. Among other requirements, a loan recipient must demonstrate at least a 50% reduction in gross revenues. Further the bill modifies the Paycheck Protection Program by, among other things, (1) expanding forgivable expenses, (2) allowing borrowers to select an eight-week period through December 31, 2020, to use their paycheck protection loan, (3) simplifying the forgiveness application for smaller loans, (4) expanding eligibility to certain chambers of commerce and destination marketing organizations, and (5) establishing a specific loan calculation for farmers and ranchers. Lastly, the SBA must establish and carry out a facility to improve the recovery of eligible small businesses from the COVID-19 pandemic, increase resiliency in the manufacturing supply chain of small businesses, and increase economic development of small business low-income census tracts by providing financial assistance to participating investment companies that facilitate equity financing to eligible small businesses.

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Timeline

1. 27 July 2020

   Introduced

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

   Source: IntroReferral

2. 27 July 2020

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 27 July 2020 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 27 July 2020

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 27 July 2020

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 27 July 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. Rubio, Marco [R-FL] · R · Sponsor
• Sen. Collins, Susan M. [R-ME] · R · Sponsor
• · sssb00 · Standing

Related records

• related to → Paycheck Protection for Producers Act
• related to → Paycheck Protection for Producers Act
• related to ← To amend the Small Business Act and the CARES Act to establish a program for second draw loans and make other modifications to the paycheck protection program, and for other purposes.
• related to ← To amend the Small Business Act and the CARES Act to establish a program for second draw loans and make other modifications to the paycheck protection program, and for other purposes.