To extend the authority for commitments for the paycheck protection program and separate amounts authorized for other loans under section 7(a) of the Small Business Act, and for other purposes.

Bill: 116-hr-7437
Sponsor: full_name: Rep. Craig, Angie [D-MN-2]
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: Referred to the House Committee on Small Business.

Summaries:
action_date: 2020-07-01
action_desc: Introduced in House
text: <p>This bill extends through August 8, 2020, the application period for the Paycheck Protection Program established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019).</p>

tv_txt: I 116th CONGRESS 2d Session H. R. 7437 IN THE HOUSE OF REPRESENTATIVES July 1, 2020 Ms. Craig (for herself and Mr. Balderson ) introduced the following bill; which was referred to the Committee on Small Business A BILL To extend the authority for commitments for the paycheck protection program and separate amounts authorized for other loans under section 7(a) of the Small Business Act, and for other purposes.

1. Extending authority for commitments for the paycheck protection program and separating amounts authorized for other 7(a) loans Section 1102(b) of title I of division A of the Coronavirus Aid, Relief, and Economic Security Act ( Public Law 116–136 ) is amended to read as follows: (b) Commitments for PPP and other 7(a) loans (1) PPP loans During the period beginning on February 15, 2020 and ending on August 8, 2020, the amount authorized for commitments under paragraph (36) of section 7(a) of the Small Business Act ( 15 U.S.C. 636(a) ) shall be $659,000,000,000. (2) Other 7(a) loans During fiscal year 2020, the amount authorized for commitments for section 7(a) of the Small Business Act ( 15 U.S.C. 636(a) ) under the heading Business loans program account under the heading Small business administration under title V of the Consolidated Appropriations Act, 2020 (Public Law 116– 93; 133 Stat. 2475) shall apply with respect to any commitments under such section 7(a) other than under paragraph (36) of such section 7(a). .