Continuing the Paycheck Protection Program Act

Summary

Continuing the Paycheck Protection Program Act This bill establishes funding for, expands, and provides additional economic assistance to small businesses in response to COVID-19. Specifically, the Small Business Administration 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. 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 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.

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Timeline

1. 30 September 2020

   Introduced

   Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.

   Source: Calendars

2. 30 September 2020

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 1 October 2020

   Calendars

   Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 562.

   Source: Calendars

Votes

No vote records are attached yet.

Versions

• Placed on Calendar Senate · 1 October 2020 · Official file

Documents

3 official files

• Placed on Calendar Senate (text)

  Placed on Calendar Senate · EN · 1 October 2020

  ViewDownloadOpen at official source

• Placed on Calendar Senate (PDF)

  Placed on Calendar Senate · EN · 1 October 2020

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 30 September 2020

  Open at official source

Sponsors

• Susan Collins · R · Sponsor
• Sen. Rubio, Marco [R-FL] · R · Sponsor

Related records

• 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.
• related to → Paycheck Protection for Producers Act
• related to ← Delivering Immediate Relief to America’s Families, Schools and Small Businesses Act