Title: To amend the Small Business Act to modify the paycheck protection program, and for other purposes.
Policy area: Commerce

Summary:
This bill modifies and establishes additional funding for the Paycheck Protection Program of the Small Business Administration that was implemented in response to COVID-19 (i.e., coronavirus disease 2019).
Specifically, the bill (1) extends the duration of the program; (2) authorizes loan recipients under the program to request additional, forgivable amounts; and (3) extends the deferral period for such loans to at least one year.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6506 Introduced in House (IH)]

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116th CONGRESS
  2d Session
                                H. R. 6506

   To amend the Small Business Act to modify the paycheck protection 
                    program, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 14, 2020

Mr. Kilmer (for himself, Ms. Herrera Beutler, and Ms. Dean) introduced 
   the following bill; which was referred to the Committee on Small 
                                Business

_______________________________________________________________________

                                 A BILL


 
   To amend the Small Business Act to modify 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. EXTENSION OF PERIOD OF THE PAYCHECK PROTECTION PROGRAM.

    Section 7(a)(36)(A)(iii) of the Small Business Act (15 U.S.C. 
636(a)(36)(A)(iii)) is amended by striking ``June 30, 2020'' and 
inserting ``the date that is 30 days after the date on which the 
`Proclamation on Declaring a National Emergency Concerning the Novel 
Coronavirus Disease (COVID-19) Outbreak' (issued March 13, 2020) no 
longer has force or effect''.

SEC. 2. ADDITIONAL AMOUNTS UNDER THE PAYCHECK PROTECTION PROGRAM.

    (a) In General.--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 new 
subparagraph:
                    ``(S) Additional amounts.--
                            ``(i) In general.--During the covered 
                        period, an eligible recipient that received a 
                        covered loan under this paragraph may request 
                        an additional amount from the lender of such 
                        covered loan not earlier than 6 weeks and not 
                        later than 8 weeks after the origination of the 
                        covered loan.
                            ``(ii) Amount; terms.--Such additional 
                        amount shall not be greater than the amount of 
                        the covered loan and shall be subject to the 
                        same terms as the covered loan.
                            ``(iii) Subsequent additional amounts.--
                        During the covered period, an eligible borrower 
                        that receives an additional amount under this 
                        subparagraph may request a subsequent 
                        additional amount not earlier than 6 weeks and 
                        not later than 8 weeks after the disbursement 
                        of the initial additional amount.''.
    (b) Forgiveness of Additional Amounts.--Section 1106(a)(1) of the 
CARES Act (Public Law 116-136) is amended by inserting ``, including 
any additional amount under subparagraph (S) of such paragraph'' after 
``section 1102''.

SEC. 3. EXTENSION OF DEFERRAL.

     Section 7(a)(36)(M)(ii)(II) of the Small Business Act is amended--
            (1) by striking ``6 months'' and inserting ``1 year''; and
            (2) by striking ``, and not more than 1 year''.

SEC. 4. DIRECT APPROPRIATION FOR THE PAYCHECK PROTECTION PROGRAM.

    There is appropriated, out of amounts in the Treasury not otherwise 
appropriated, for the fiscal year ending September 30, 2020, to remain 
available until the date that is 30 days after the date on which the 
``Proclamation on Declaring a National Emergency Concerning the Novel 
Coronavirus Disease (COVID-19) Outbreak'' (issued March 13, 2020) no 
longer has force or effect, for an additional amount $900,000,000,000 
under the heading ``Small Business Administration--Business Loans 
Program Account, CARES Act'' for the cost of guaranteed loans as 
authorized under paragraph (36) of section 7(a) of the Small Business 
Act (15 U.S.C. 636(a)), as added by section 1102(a) of the CARES Act 
(Public Law 116-136).
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