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P4 Act

Introduced: June 18, 2020 Introduced by: Craig, Angie Democratic · Minnesota See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Jun 18, 2020

Referred to the House Committee on Small Business.

Jun 18, 2020

Introduced in House

Plain-English summary Congressional Research Service

Prioritized Paycheck Protection Program Act or the P4 Act

This bill authorizes new lending under the Paycheck Protection Program, established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019), for specified small businesses that have experienced a significant loss in revenue.

Specifically, the bill authorizes one supplemental paycheck protection loan for a small business that (1) has no more than 100 employees, (2) operates under a sole proprietorship or as an independent contractor, or (3) is self-employed. To be eligible for a supplemental paycheck protection loan, such small business must demonstrate a loss of revenue of 50% or more and have either already expended an initial paycheck protection loan or be on pace to exhaust such loan prior to disbursal of the supplemental loan.

The bill also extends the application deadline for an initial paycheck protection loan to December 31, 2020, and it authorizes loan recipients to apply for forgiveness as early as eight weeks after the loan's disbursal.

The Small Business Administration must (1) issue guidance instructing lenders of paycheck protection loans to prioritize loan processing for and disbursement to underserved businesses, (2) update the loan application for paycheck protection loans to collect borrowers' demographic information, and (3) publish specified program information on its website.

What's happening now June 18, 2020

Referred to the House Committee on Small Business.

Committees of jurisdiction 1