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.

Bill: 116-hr-8087
Sponsor: Rep. Chabot, Steve [R-OH-1]
Introduced: 2020-08-22 in the House
Policy area: Commerce
Subjects: Accounting and auditing
Administrative law and regulatory procedures
Agricultural prices, subsidies, credit
Appropriations
Bankruptcy
Business ethics
Business expenses
Cardiovascular and respiratory health
Computers and information technology
Congressional oversight
Corporate finance and management
Emergency medical services and trauma care
Employee benefits and pensions
Farm Credit Administration
Government lending and loan guarantees
Government studies and investigations
Infectious and parasitic diseases
Life, casualty, property insurance
Public participation and lobbying
Religion
Small Business Administration
Small business
Social work, volunteer service, charitable organizations
Tax-exempt organizations
Temporary and part-time employment
Veterans' organizations and recognition
Wages and earnings
Worker safety and health

Summary:
action_date: 2020-08-22
text: 
This bill establishes funding for, expands, and provides additional economic assistance to small businesses in response to COVID-19 (i.e., coronavirus disease 2019). 
 
Specifically, the Small Business Administration (SBA) 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 through December 31, 2020, 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.


Legislative actions:
action_date: 2020-08-22
text: Referred to the Committee on Small Business, and in addition to the Committees on the Judiciary, the Budget, and Appropriations, 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: 2020-08-22
text: Referred to the Committee on Small Business, and in addition to the Committees on the Judiciary, the Budget, and Appropriations, 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: 2020-08-22
text: Referred to the Committee on Small Business, and in addition to the Committees on the Judiciary, the Budget, and Appropriations, 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: 2020-08-22
text: Referred to the Committee on Small Business, and in addition to the Committees on the Judiciary, the Budget, and Appropriations, 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: 2020-08-22
text: Introduced in House
action_date: 2020-08-22
text: Introduced in House