More PPP Act

To amend the CARES Act and the Small Business Act to make certain adjustments to the paycheck protection program, and for other purposes. 1. Short title This Act may be cited as the Making Opportunities a Reality for Entrepreneurs Paycheck Protection Program More PPP Act 2. Amendments to paycheck protection program (a) Increased authority for commitments and appropriations for paycheck protection program (1) The CARES Act ( Public Law 116–136 $349,000,000,000 909,000,000,000 (2) In addition to amounts otherwise made available by any other Act (including section 1107(a)(1) of the CARES Act ( Public Law 116–136 Small Business Administration—Business Loans Program Account, CARES Act 15 U.S.C. 636(a) (b) Set aside for smallest businesses Section 7(a)(36) of the Small Business Act ( 15 U.S.C. 636(a)(36) (T) Set-aside for smallest businesses, nonprofit organizations, sole proprietors, independent contractors, and self-employed individuals (i) In general In making loan guarantees under this paragraph after the date of enactment of this clause, the Administrator shall guarantee not less than $200,000,000,000 in loans made to— (I) business concerns with 25 or fewer employees; (II) nonprofit organizations with 25 or fewer employees; (III) sole proprietors; (IV) independent contractors; and (V) self-employed individuals. (ii) Employee For the purposes of clause (i), the term employee includes individuals employed on a full-time, part-time, or other basis. . (c) Clarify eligible companies Section 7(a)(36)(D) of the Small Business Act ( 16 U.S.C. 636(a)(36) (vii) Ineligible business Any business that is an issuer 15 U.S.C. 77b . (d) Additional borrower certification Section 7(a)(36)(G)(i) of the Small Business Act ( 15 U.S.C. 636(a)(36)(G)(i) (1) in subclause (III), by striking and (2) in subclause (IV), by striking the period at the end and inserting ; and (3) by adding at the end the following: (V) that the eligible recipient experienced 20 percent or more in reduced revenue, as determined by the Administrator. . (e) Lender prohibition Section 7(a)(36)(F)(ii) of the Small Business Act ( 15 U.S.C. 636(a)(36)(F)(ii) (III) Prohibitions It shall be unlawful for any lender to— (aa) discriminate against any eligible recipient, with respect to any aspect of a credit transaction on the basis of race, color, religion, national origin, sex, marital status, or age (provided the applicant has the capacity to contract); or (bb) give preferential treatment to any eligible recipient as defined by the Administrator. . (f) Data collection Section 7(a)(36) of the Small Business Act ( 15 U.S.C. 636(a)(36) (U) Not later than 1 month after the date of enactment of this subparagraph, the Administrator shall submit to the appropriate Committees of Congress a report concerning the demographic data of loan recipients under this section, including— (i) race; (ii) gender; and (iii) ethnicity. .

Summary: Making Opportunities a Reality for Entrepreneurs Paycheck Protection Program or the More PPP Act This bill provides additional funding for and modifies the Paycheck Protection Program established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019). Specifically, the bill increases funding for paycheck protection loans by $560 billion, and it provides additional funding of $571 billion for paycheck protection loans through FY2021. Further, the bill sets aside $200 billion for paycheck protection loans to businesses and nonprofit organizations with 25 or fewer employees, sole proprietors, independent contractors, and self-employed individuals. The bill also modifies eligibility for the program by (1) making publicly traded companies ineligible to participate, and (2) requiring borrowers to certify a decline in revenue of 20% or more. Further, the bill makes it unlawful for a lender to discriminate against or give preferential treatment to any eligible recipient. The Small Business Administration must report on the demographic data, including race, gender, and ethnicity, of paycheck protection loan recipients.