Paycheck Protection Program Extension and Modification Act of 2020

Bill: 116-s-4125
Sponsor: full_name: Sen. Gardner, Cory [R-CO]
Introduced: 2020-07-01
Policy area: Commerce
Subjects: Business expenses

Cardiovascular and respiratory health

Emergency medical services and trauma care

Government lending and loan guarantees

Infectious and parasitic diseases

Small business

Wages and earnings
Latest action: action_date: 2020-07-01
text: Read twice and referred to the Committee on Small Business and Entrepreneurship.

Summaries:
action_date: 2020-07-01
action_desc: Introduced in Senate
text: <p><b>Paycheck Protection Program Extension and Modification Act of 2020</b></p> <p>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.</p> <p>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.</p>

tv_txt: II 116th CONGRESS 2d Session S. 4125 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.

1. Short title This Act may be cited as the Paycheck Protection Program Extension and Modification Act of 2020 . 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 . 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 ). .