Keeping Our Promise to Small Businesses Act

Bill: 117-s-1690
Sponsor: full_name: Sen. Rosen, Jacky [D-NV]
Introduced: 2021-05-18
Policy area: Commerce
Subjects: Appropriations

Business expenses

Cardiovascular and respiratory health

Emergency medical services and trauma care

Executive agency funding and structure

Government lending and loan guarantees

Infectious and parasitic diseases

Minority and disadvantaged businesses

Small Business Administration

Small business

Unemployment

Veterans' education, employment, rehabilitation

Wages and earnings

Women in business
Latest action: action_date: 2021-05-18
text: Read twice and referred to the Committee on Appropriations.

Summaries:
action_date: 2021-05-18
action_desc: Introduced in Senate
text: <p><strong>Keeping Our Promise to Small Businesses Act</strong></p> <p>This bill provides additional funding to the Small Business Administration (SBA) for the Paycheck Protection Program, which was established to assist small businesses during the COVID-19 pandemic.</p> <p>Specifically, the bill provides the additional funding for the cost of</p> <ul> <li> processing loan applications that were submitted on or before May 4, 2021; and</li> <li> providing guaranteed loans to eligible entities that apply on or before May 31, 2021, have no more than 100 employees, and are located in a state with an unemployment rate of at least 6%. </li> </ul> <p>In guaranteeing the new loans, the SBA must give a preference to entities that are women-, minority-, or veteran-owned. </p>

tv_txt: II 117th CONGRESS 1st Session S. 1690 IN THE SENATE OF THE UNITED STATES May 18, 2021 Ms. Rosen introduced the following bill; which was read twice and referred to the Committee on Appropriations A BILL To provide direct appropriations for processing applications for the paycheck protection program, and for other purposes.

1. Short title This Act may be cited as the Keeping Our Promise to Small Businesses Act . 2. Appropriations for paycheck protection program (a) Appropriations There is appropriated, out of amounts in the Treasury not otherwise appropriated, to remain available until expended, for additional amounts— (1) such sums as may be necessary under the heading Small Business Administration—Business Loans Program Account, CARES Act for the cost of processing applications for loans under paragraph (36) or (37) of section 7(a) of the Small Business Act ( 15 U.S.C. 636(a) ) that were submitted on or before May 4, 2021; and (2) $5,000,000,000 under the heading Small Business Administration—Business Loans Program Account, CARES Act for the cost of guaranteed loans under paragraph (36) or (37) of section 7(a) of the Small Business Act ( 15 U.S.C. 636(a) ) provided to eligible entities that— (A) submit an application for such a loan on or before May 31, 2021; (B) have not more than 100 employees; and (C) are located in a State that, as of March 1, 2021, had an unemployment rate of not less than 6 percent. (b) Preference In guaranteeing loans using amounts appropriated under subsection (a)(2), the Administrator of the Small Business Administration shall give a preference to eligible entities that are women-, minority-, or veteran-owned.