MOM-AND-POP Act

Bill: 116-hr-6960
Sponsor: full_name: Rep. Bilirakis, Gus M. [R-FL-12]
Introduced: 2020-05-22
Policy area: Commerce
Subjects: Appropriations

Business expenses

Cardiovascular and respiratory health

Disaster relief and insurance

Emergency medical services and trauma care

Government lending and loan guarantees

Infectious and parasitic diseases

Self-employed

Small business

Wages and earnings
Latest action: action_date: 2020-05-22
text: Referred to the House Committee on Small Business.

Summaries:
action_date: 2020-05-22
action_desc: Introduced in House
text: <p><b>Maximizing Our Money and Addressing Novel Disasters by Protecting Our Proprietors Act or the MOM-AND-POP Act</b></p> <p>This bill reserves assistance under the Paycheck Protection Program, established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019), for specified small entities.</p> <p>Specifically, the bill establishes a set-aside of at least 25% of amounts appropriated for paycheck protection loans to guarantee loans of $150,000 or less made to small entities such as a (1) business or nonprofit with 25 employees or fewer, (2) sole proprietor, or (3) self-employed individual.</p> <p>The Small Business Administration must consider implementing a similar set-aside for any future loan programs created in direct response to a major disaster. </p>

tv_txt: I 116th CONGRESS 2d Session H. R. 6960 IN THE HOUSE OF REPRESENTATIVES May 22, 2020 Mr. Bilirakis (for himself and Ms. Blunt Rochester ) introduced the following bill; which was referred to the Committee on Small Business A BILL To require the Administrator of the Small Business Administration reserve amounts appropriated under the paycheck protection program for small entities, and for other purposes.

1. Short title This Act may be cited as the Maximizing Our Money and Addressing Novel Disasters by Protecting Our Proprietors Act or the MOM-AND-POP Act . 2. Reservation of assistance for small entities (a) Set aside Of amounts appropriated to carry out section 7(a)(36) of the Small Business Act ( 15 U.S.C. 636(a)(36) ), the Administrator of the Small Business Administration shall provide for the cost to guarantee covered loans made under this paragraph a set aside of not less than 25 percent for covered loans with a principal amount of $150,000 or less made to a small entity. (b) Waiver of affiliation rules The waiver of affiliation rules under section 7(a)(36)(D)(iv) of the Small Business Act ( 15 U.S.C. 636(a)(36)(D)(iv) ) shall not apply to a small entity that receives a covered loan because of a set aside under subsection (a). (c) Major disasters For any loan program created after the date of the enactment of this Act by the Administrator in direct response to a major disaster, as determined by the President under the Robert T. Stafford Disaster Relief and Emergency Assistance Act ( 42 U.S.C. 5121 et seq.), the Administrator shall consider implementing a set aside similar to that described under subsection (a) for such loan program. (d) Definitions In this Act: (1) Small entity The term small entity means— (A) a business concern, nonprofit organization, veterans organization, or Tribal business concern with not more than 25 employees; or (B) a sole proprietor, independent contractor, or eligible self-employed individual (as such terms are under section 7(a)(36) of the Small Business Act ( 15 U.S.C. 636(a)(36) )). (2) Employee The term employee includes individuals employed on a full-time, part-time, or other basis.