HR 8265 116th Congress House Commerce Accounting and auditing Administrative law and regulatory procedures Agricultural prices, subsidies, credit Appropriations Bankruptcy Business ethics Business expenses Cardiovascular and respiratory health Computers and information technology Congressional oversight Corporate finance and management Disability assistance Emergency medical services and trauma care Employee benefits and pensions Farm Credit Administration Government lending and loan guarantees Government studies and investigations Home and outpatient care Infectious and parasitic diseases

To amend the Small Business Act and the CARES Act to establish a program for second draw loans and make other modifications to the paycheck protection program, and for other purposes.

Introduced: September 23, 2020 See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Sep 16, 2020

Referred to the Committee on Small Business, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Sep 16, 2020

Introduced in House

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Plain-English summary Congressional Research Service

This bill establishes funding for, expands, and provides additional economic assistance to small businesses in response to COVID-19 (i.e., coronavirus disease 2019).

Specifically, the Small Business Administration is authorized to provide second draw loans of up to $2 million under the Paycheck Protection Program. A recipient shall be eligible for forgiveness of a second draw loan in the same manner as an initial paycheck protection loan.

Further the bill modifies the Paycheck Protection Program by, among other things, (1) expanding forgivable expenses, (2) allowing borrowers to select an eight-week period through December 31, 2020, to use their paycheck protection loan, (3) simplifying the forgiveness application for smaller loans, (4) expanding eligibility to certain chambers of commerce and destination marketing organizations, and (5) establishing a specific loan calculation for farmers and ranchers.