PPP Extension Act of 2021

Bill: 117-s-815
Sponsor: full_name: Sen. Rubio, Marco [R-FL]
Introduced: 2021-03-17
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: 2021-03-17
text: Read twice and referred to the Committee on Small Business and Entrepreneurship.

Summaries:
action_date: 2021-03-17
action_desc: Introduced in Senate
text: <p><b>PPP Extension Act of 2021</b></p> <p>This bill extends the Paycheck Protection Program, established to support small businesses in response to COVID-19, through June 30, 2021. Currently, the program is set to expire on March 31, 2021.</p> <p>For the final 30 days of the program (i.e., from June 1 until June 30), the Small Business Administration (SBA) may only process applications submitted prior to June 1, and it may not accept any new loan applications. The bill also prohibits the SBA from prioritizing certain applications over others.</p>

tv_txt: II 117th CONGRESS 1st Session S. 815 IN THE SENATE OF THE UNITED STATES March 17 (legislative day, March 16), 2021 Mr. Rubio (for himself, Ms. Collins , Mr. Cramer , Mr. Risch , Mr. Braun , Mr. Crapo , Mr. Barrasso , Mr. Lankford , Mrs. Capito , Mrs. Hyde-Smith , Mr. Scott of South Carolina , Mr. Rounds , and Mr. Hawley ) introduced the following bill; which was read twice and referred to the Committee on Small Business and Entrepreneurship A BILL To amend the Small Business Act and the CARES Act to extend the covered period for the paycheck protection program, and for other purposes.

1. Short title This Act may be cited as the PPP Extension Act of 2021 . 2. Extension of covered period for paycheck protection program (a) In general Section 7(a)(36)(A)(iii) of the Small Business Act ( 15 U.S.C. 636(a)(36)(A)(iii) ) is amended by striking March 31, 2021 and inserting June 30, 2021 . (b) Funding Section 1102(b)(1) of the CARES Act ( Public Law 116–136 ), as amended by section 323 of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (title III of division N of Public Law 116–260 ), is amended by striking March 31, 2021 and inserting June 30, 2021 . (c) Restrictions (1) Processing From June 1, 2021, through June 30, 2021, the Administrator of the Small Business Administration shall not accept new lender applications for loans under paragraph (36) or (37) of section 7(a) of the Small Business Act ( 15 U.S.C. 636(a) ) and shall only process such lender applications that have been submitted to the Administrator before June 1, 2021. (2) Limitation on prioritization During the period beginning on the date of enactment of this Act and ending on the last day of the covered period, as defined in section 7(a)(36)(A)(iii) of the Small Business Act ( 15 U.S.C. 636(a)(36)(A)(iii) ), as amended by this Act, the Administrator of the Small Business Administration may not establish or enforce any priority for processing lender applications under paragraph (36) or (37) of section 7(a) of the Small Business Act ( 15 U.S.C. 636(a) ), except for any priority reasonably necessary to carry out the set-asides established under section 323(d) of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (title III of division N of Public Law 116–260 ).