Caring for Startup Employees Act of 2020

Bill: 116-hr-6751
Sponsor: full_name: Rep. Eshoo, Anna G. [D-CA-18]
Introduced: 2020-05-08
Policy area: Commerce
Subjects: Business expenses

Business investment and capital

Cardiovascular and respiratory health

Emergency medical services and trauma care

Financial services and investments

Government lending and loan guarantees

Infectious and parasitic diseases

Small business

Wages and earnings
Latest action: action_date: 2020-05-08
text: Referred to the House Committee on Small Business.

Summaries:
action_date: 2020-05-08
action_desc: Introduced in House
text: <p><b>Caring for Startup Employees Act of 2020</b></p> <p>This bill expands the Paycheck Protection Program, established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019), to encompass certain small businesses that have accepted funding from an investment company.</p> <p>The investment company may not be a majority stakeholder of the small business, and the small business may not distribute any proceeds of a program loan to the investment company, including through dividends, redemptions, security repurchases, or other transfers or transactions. </p>

tv_txt: I 116th CONGRESS 2d Session H. R. 6751 IN THE HOUSE OF REPRESENTATIVES May 8, 2020 Ms. Eshoo (for herself and Mrs. Rodgers of Washington ) introduced the following bill; which was referred to the Committee on Small Business A BILL To amend the Small Business Act to include certain small business concerns in the paycheck protection program, and for other purposes.

1. Short title This Act may be cited as the Caring for Startup Employees Act of 2020 . 2. Ensuring startups can access the Paycheck Protection Program Section 7(a)(36)(D)(iv) of the Small Business Act ( 15 U.S.C. 636(a)(36)(D)(iv) ) is amended— (1) by adding at the end the following: (IV) any small business concern that has accepted funding from an investment company, as such term is defined in section 80a–3 of title 15, Code of Federal Regulations (or any successor regulation), notwithstanding any assessment of such investment company, as long as— (aa) no investment company is a majority stakeholder of the small business concern; and (bb) the small business concern does not distribute proceeds of the loan to any investment company of such small business concern, including through dividends, redemptions, security repurchases, or any other transfer or transaction. ; (2) in subclause (II), by striking ; and and inserting a semicolon; and (3) in subclause (III), by striking the period at the end and inserting ; and .