Paycheck Recovery Act of 2020

Bill: 116-hr-6918
Sponsor: Rep. Jayapal, Pramila [D-WA-7]
Introduced: 2020-05-19 in the House
Policy area: Commerce
Subjects: Accounting and auditing
Bankruptcy
Business investment and capital
Cardiovascular and respiratory health
Congressional operations and organization
Congressional oversight
Corporate finance and management
Emergency medical services and trauma care
Employee hiring
Fraud offenses and financial crimes
Government studies and investigations
Health technology, devices, supplies
Infectious and parasitic diseases
Labor-management relations
Securities
Self-employed
Small business
Unemployment
Wages and earnings
Worker safety and health

Summary:
action_date: 2020-05-19
text: 

Paycheck Recovery Act of 2020

 
This bill directs the Department of the Treasury to establish a paycheck recovery program to provide grants for certain small businesses and employers that have lost revenue because of COVID-19 (i.e., coronavirus disease 2019) to pay wages and fixed expenses such as rent, utilities, and safety equipment.
 
Treasury shall award such grants to employers that have experienced revenue losses above a 10% gross receipts threshold or to small businesses that employ 20 or fewer individuals and have annual gross receipts of less than $3 million. Recipients shall receive an initial, 90-day grant that covers the percentage of revenue loss multiplied by wages provided to an employee (up to a salary cap of $90,000), plus an additional 25% of total wages to cover business operating costs. Subsequent grants shall be disbursed on a monthly basis until the nationwide unemployment rate remains below 7% for three consecutive months, at which point Treasury shall terminate the program. 
 
An employer receiving a grant must meet certain conditions related to share repurchases, payments to shareholders or bondholders, and executive compensation and bonuses, as well as conditions relating to labor protections such as keeping employees on payroll and benefits.
 
The bill also establishes a Congressional Paycheck Recovery Program Implementation Oversight Board to ensure employers that receive grants use the funds appropriately and comply with all conditions. 


Legislative actions:
action_date: 2020-05-19
text: Referred to the Committee on Financial Services, and in addition to the Committees on the Judiciary, and Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2020-05-19
text: Referred to the Committee on Financial Services, and in addition to the Committees on the Judiciary, and Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2020-05-19
text: Referred to the Committee on Financial Services, and in addition to the Committees on the Judiciary, and Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2020-05-19
text: Introduced in House
action_date: 2020-05-19
text: Introduced in House