Title: Paycheck Protection Program Extension and Modification Act of 2020
Policy area: Commerce

Summary:
Paycheck Protection Program Extension and Modification Act of 2020
This bill extends through December 31, 2020, the Paycheck Protection Program established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019), and it authorizes additional lending under the program.
Specifically, the bill authorizes an additional program loan to be made to a prior recipient of a paycheck protection loan. Such additional loan shall be (1) used for allowable expenses under the program, (2) guaranteed in the same manner as a paycheck protection loan, and (3) eligible for forgiveness under the program.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 4125 Introduced in Senate (IS)]

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116th CONGRESS
  2d Session
                                S. 4125

 To extend the paycheck protection program and to provide supplemental 
loans to recipients of loans under the paycheck protection program, and 
                          for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                              July 1, 2020

  Mr. Gardner introduced the following bill; which was read twice and 
    referred to the Committee on Small Business and Entrepreneurship

_______________________________________________________________________

                                 A BILL


 
 To extend the paycheck protection program and to provide supplemental 
loans to recipients of loans under the paycheck protection program, and 
                          for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Paycheck Protection Program 
Extension and Modification Act of 2020''.

SEC. 2. EXTENDING AUTHORITY FOR COMMITMENTS FOR THE PAYCHECK PROTECTION 
              PROGRAM.

    Section 1102(b) of title I of division A of the Coronavirus Aid, 
Relief, and Economic Security Act (Public Law 116-136) is amended, in 
the matter preceding paragraph (1), by striking ``June 30, 2020'' and 
inserting ``December 31, 2020''.

SEC. 3. ADDITIONAL PPP LOANS.

    Section 7(a)(36) of the Small Business Act (15 U.S.C. 636(a)(36)) 
is amended by adding at the end the following:
                    ``(T) Additional loans.--An eligible recipient of a 
                covered loan before the date of enactment of the 
                Paycheck Protection Program Extension and Modification 
                Act of 2020 may apply for and receive an additional 
                loan in an amount equal to the covered loan, which 
                shall be--
                            ``(i) used for allowable expenses in 
                        accordance with subparagraph (F);
                            ``(ii) guaranteed under this paragraph in 
                        the same manner as a covered loan; and
                            ``(iii) eligible for loan forgiveness in 
                        the same manner as a covered loan under section 
                        1106 of the CARES Act (15 U.S.C. 9005).''.
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