To amend the Small Business Act to modify the paycheck protection program, and for other purposes.

Bill: 116-hr-6506
Sponsor: full_name: Rep. Kilmer, Derek [D-WA-6]
Introduced: 2020-04-14
Policy area: Commerce
Subjects: Appropriations

Business expenses

Business investment and capital

Cardiovascular and respiratory health

Emergency medical services and trauma care

Executive agency funding and structure

Government lending and loan guarantees

Infectious and parasitic diseases

Small Business Administration

Small business

Wages and earnings
Latest action: action_date: 2020-04-14
text: Referred to the House Committee on Small Business.

Summaries:
action_date: 2020-04-14
action_desc: Introduced in House
text: <p>This bill modifies and establishes additional funding for the Paycheck Protection Program of the Small Business Administration that was implemented in response to COVID-19 (i.e., coronavirus disease 2019).</p> <p>Specifically, the bill (1) extends the duration of the program; (2) authorizes loan recipients under the program to request additional, forgivable amounts; and (3) extends the deferral period for such loans to at least one year.</p>

tv_txt: I 116th CONGRESS 2d Session H. R. 6506 IN THE HOUSE OF REPRESENTATIVES April 14, 2020 Mr. Kilmer (for himself, Ms. Herrera Beutler , and Ms. Dean ) introduced the following bill; which was referred to the Committee on Small Business A BILL To amend the Small Business Act to modify the paycheck protection program, and for other purposes.

1. Extension of period of the paycheck protection program Section 7(a)(36)(A)(iii) of the Small Business Act ( 15 U.S.C. 636(a)(36)(A)(iii) ) is amended by striking June 30, 2020 and inserting the date that is 30 days after the date on which the Proclamation on Declaring a National Emergency Concerning the Novel Coronavirus Disease (COVID–19) Outbreak (issued March 13, 2020) no longer has force or effect . 2. Additional amounts under the paycheck protection program (a) In general 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 new subparagraph: (S) Additional amounts (i) In general During the covered period, an eligible recipient that received a covered loan under this paragraph may request an additional amount from the lender of such covered loan not earlier than 6 weeks and not later than 8 weeks after the origination of the covered loan. (ii) Amount; terms Such additional amount shall not be greater than the amount of the covered loan and shall be subject to the same terms as the covered loan. (iii) Subsequent additional amounts During the covered period, an eligible borrower that receives an additional amount under this subparagraph may request a subsequent additional amount not earlier than 6 weeks and not later than 8 weeks after the disbursement of the initial additional amount. . (b) Forgiveness of additional amounts Section 1106(a)(1) of the CARES Act ( Public Law 116–136 ) is amended by inserting , including any additional amount under subparagraph (S) of such paragraph after section 1102 . 3. Extension of deferral Section 7(a)(36)(M)(ii)(II) of the Small Business Act is amended— (1) by striking 6 months and inserting 1 year ; and (2) by striking , and not more than 1 year . 4. Direct appropriation for the paycheck protection program There is appropriated, out of amounts in the Treasury not otherwise appropriated, for the fiscal year ending September 30, 2020, to remain available until the date that is 30 days after the date on which the Proclamation on Declaring a National Emergency Concerning the Novel Coronavirus Disease (COVID–19) Outbreak (issued March 13, 2020) no longer has force or effect, for an additional amount $900,000,000,000 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) ), as added by section 1102(a) of the CARES Act ( Public Law 116–136 ).