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HR 6758 116th Congress House Commerce Appropriations Bank accounts, deposits, capital Business expenses Cardiovascular and respiratory health Credit and credit markets Emergency medical services and trauma care Government information and archives Government lending and loan guarantees Housing and community development funding Infectious and parasitic diseases Minority and disadvantaged businesses Small business Wages and earnings

To establish requirements for funds appropriated to carry out the paycheck protection program, to require reporting on the use of such funds, and for other purposes.

Introduced: May 8, 2020 Introduced by: Garcia, Sylvia R. Democratic · Texas 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

This bill requires that specified amounts be set aside from funds appropriated to carry out the Paycheck Protection Program, established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019), and it establishes requirements for processing program loan applications.

The bill requires that $1 billion of program funds not otherwise obligated or expended be set aside for loan guarantees made by minority depository institutions and community development financial institutions.

Further, for any future appropriations to carry out the program, the bill revises the amounts that the Small Business Administration (SBA) must set aside to provide for the cost of guaranteed paycheck protection loans made by certain lenders.

The SBA and the Department of the Treasury must, no less than twice weekly, provide separate eight-hour periods during which they shall process (1) loan applications compiled by lenders with consolidated assets of less than $1 million, and (2) loan applications for less than $200,000 from a recipient that has 20 or fewer employees.

The SBA and Treasury must report on funds made available to lenders and community development financial institutions to carry out the Paycheck Protection Program and the total consolidated assets of each lender. For future appropriations to carry out the program, the SBA and Treasury must report (1) daily on the amount of funds not yet obligated or expended, and (2) weekly on the amount of funds made available to lenders and community development financial institutions and the total consolidated assets of each lender.

What's happening now May 8, 2020

Referred to the House Committee on Small Business.

 Committees of jurisdiction 1