More PPP Act

Bill: 116-hr-6893
Sponsor: full_name: Rep. Beatty, Joyce [D-OH-3]
Introduced: 2020-05-15
Policy area: Commerce
Subjects: Appropriations

Business expenses

Cardiovascular and respiratory health

Congressional oversight

Emergency medical services and trauma care

Executive agency funding and structure

Government lending and loan guarantees

Infectious and parasitic diseases

Self-employed

Small Business Administration

Small business

Social work, volunteer service, charitable organizations

Wages and earnings
Latest action: action_date: 2020-05-15
text: Referred to the House Committee on Small Business.

Summaries:
action_date: 2020-05-15
action_desc: Introduced in House
text: <p><b>Making Opportunities a Reality for Entrepreneurs Paycheck Protection Program or the More PPP Act</b></p> <p>This bill provides additional funding for and modifies the Paycheck Protection Program established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019).</p> <p>Specifically, the bill increases funding for paycheck protection loans by $560 billion, and it provides additional funding of $571 billion for paycheck protection loans through FY2021. Further, the bill sets aside $200 billion for paycheck protection loans to businesses and nonprofit organizations with 25 or fewer employees, sole proprietors, independent contractors, and self-employed individuals.</p> <p>The bill also modifies eligibility for the program by (1) making publicly traded companies ineligible to participate, and (2) requiring borrowers to certify a decline in revenue of 20% or more. Further, the bill makes it unlawful for a lender to discriminate against or give preferential treatment to any eligible recipient.</p> <p>The Small Business Administration must report on the demographic data, including race, gender, and ethnicity, of paycheck protection loan recipients. </p>

tv_txt: I 116th CONGRESS 2d Session H. R. 6893 IN THE HOUSE OF REPRESENTATIVES May 15, 2020 Mrs. Beatty (for herself and Mr. Green of Texas ) introduced the following bill; which was referred to the Committee on Small Business A BILL To amend the CARES Act and the Small Business Act to make certain adjustments to the paycheck protection program, and for other purposes.

1. Short title This Act may be cited as the Making Opportunities a Reality for Entrepreneurs Paycheck Protection Program or the More PPP Act . 2. Amendments to paycheck protection program (a) Increased authority for commitments and appropriations for paycheck protection program (1) The CARES Act ( Public Law 116–136 ) is amended in section 1102(b)(1) by striking $349,000,000,000 and inserting 909,000,000,000 . (2) In addition to amounts otherwise made available by any other Act (including section 1107(a)(1) of the CARES Act ( Public Law 116–136 )) for such purpose, there is appropriated for an additional amount under the heading Small Business Administration—Business Loans Program Account, CARES Act for the cost of guaranteed loans as authorized under paragraph (36) of section 7(a) of the Small Business Act ( 15 U.S.C. 636(a) ), $571,335,000,000, to remain available until September 30, 2021. (b) Set aside for smallest businesses 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) Set-aside for smallest businesses, nonprofit organizations, sole proprietors, independent contractors, and self-employed individuals (i) In general In making loan guarantees under this paragraph after the date of enactment of this clause, the Administrator shall guarantee not less than $200,000,000,000 in loans made to— (I) business concerns with 25 or fewer employees; (II) nonprofit organizations with 25 or fewer employees; (III) sole proprietors; (IV) independent contractors; and (V) self-employed individuals. (ii) Employee For the purposes of clause (i), the term employee includes individuals employed on a full-time, part-time, or other basis. . (c) Clarify eligible companies Section 7(a)(36)(D) of the Small Business Act ( 16 U.S.C. 636(a)(36) ) is amended by adding at the end the following: (vii) Ineligible business Any business that is an issuer as such term is defined in section 2 of the Securities Act of 1933 ( 15 U.S.C. 77b ) shall not be considered an eligible recipient under this program. . (d) Additional borrower certification Section 7(a)(36)(G)(i) of the Small Business Act ( 15 U.S.C. 636(a)(36)(G)(i) ) is amended— (1) in subclause (III), by striking and at the end; (2) in subclause (IV), by striking the period at the end and inserting ; and ; and (3) by adding at the end the following: (V) that the eligible recipient experienced 20 percent or more in reduced revenue, as determined by the Administrator. . (e) Lender prohibition Section 7(a)(36)(F)(ii) of the Small Business Act ( 15 U.S.C. 636(a)(36)(F)(ii) ) is amended by adding at the end the following: (III) Prohibitions It shall be unlawful for any lender to— (aa) discriminate against any eligible recipient, with respect to any aspect of a credit transaction on the basis of race, color, religion, national origin, sex, marital status, or age (provided the applicant has the capacity to contract); or (bb) give preferential treatment to any eligible recipient as defined by the Administrator. . (f) Data collection 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: (U) Not later than 1 month after the date of enactment of this subparagraph, the Administrator shall submit to the appropriate Committees of Congress a report concerning the demographic data of loan recipients under this section, including— (i) race; (ii) gender; and (iii) ethnicity. .