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HR 6755 116th Congress House Commerce Appropriations Bank accounts, deposits, capital Banking and financial institutions regulation Business expenses Cardiovascular and respiratory health Credit and credit markets Emergency medical services and trauma care Government lending and loan guarantees Infectious and parasitic diseases Small business

PPP Small Business Support Act

Introduced: May 8, 2020 Introduced by: Foster, Bill Democratic · Illinois See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 8, 2020
Referred to the House Committee on Small Business.
May 8, 2020
Introduced in House
 Plain-English summary Congressional Research Service

PPP Small Business Support Act

This bill revises reimbursement requirements pursuant to which the Small Business Administration (SBA) provides funds to lenders participating in the Paycheck Protection Program established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019).

Specifically, the bill requires the SBA to give a lender that makes a paycheck protection loan a reimbursement of $1,000 for each such loan, with graduated additional amounts distributed to a lender based on the amount of the loan. The bill also provides a further reimbursement of $250 for each paycheck protection loan that a lender with consolidated assets of less than $50 billion provides to a new customer.

Further, the bill requires the SBA to determine whether demand for paycheck protection loans is likely to exceed any future appropriated amounts and, if so, to prioritize providing guarantees for loans of $300,000 or less.

What's happening now May 8, 2020

Referred to the House Committee on Small Business.

 Committees of jurisdiction 1