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S 3702 116th Congress Senate Commerce Appropriations Business expenses Cardiovascular and respiratory health Credit and credit markets Department of the Treasury Emergency medical services and trauma care Executive agency funding and structure 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

A bill to appropriate additional amounts to provide loans under the paycheck protection program to community development financial institutions and minority depository institutions, and for other…

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A bill to appropriate additional amounts to provide loans under the paycheck protection program to community development financial institutions and minority depository institutions, and for other purposes.

Introduced: May 12, 2020 Introduced by: Markey, Edward J. Democratic · Massachusetts See on congress.gov
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This bill died when the 116th Congress ended
It never became law before the 116th Congress (2019–2020) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 12, 2020
Read twice and referred to the Committee on Small Business and Entrepreneurship.
May 12, 2020
Introduced in Senate
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 Plain-English summary Congressional Research Service

This bill modifies and provides additional funding for the Paycheck Protection Program established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019).

Specifically, the bill provides an additional $10 billion to guarantee paycheck protection loans, $7.5 billion of which shall be for small loans made by community development financial institutions or minority depository institutions.

The bill also

  • establishes a grant program to provide assistance to community development financial institutions and minority depository institutions that primarily make small paycheck protection loans;
  • provides additional funding for the Community Development Financial Institutions Fund and prioritizes support for minority-led community development financial institutions or community development financial institutions that serve communities of color;
  • authorizes community development financial institutions that are certified by the fund to make and approve paycheck protection loans;
  • extends the deadline to apply for a paycheck protection loan;
  • allows recipients up to 24 weeks to use their paycheck protection loan;
    • and
  • extends the deadline by which a paycheck protection loan recipient must eliminate a reduction in employment, salary, or wages to be eligible for loan forgiveness.
What's happening now May 12, 2020

Read twice and referred to the Committee on Small Business and Entrepreneurship.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Democratic 1
D
Duckworth, Tammy
Illinois · May 12, 2020
Cite this page click to expand
APA
U.S. Congress. (2026). S. 3702: A bill to appropriate additional amounts to provide loans under the paycheck protection program to community development financial institutions and minority depository institutions, and for other purposes.. 116th Congress. Open America. https://openamerica.io/bill/116-S-3702/
MLA
"S. 3702: A bill to appropriate additional amounts to provide loans under the paycheck protection program to community development financial institutions and minority depository institutions, and for other purposes.." 116th Congress, 2026, Open America, https://openamerica.io/bill/116-S-3702/.
Bluebook (legal)
S. 3702, 116th Cong. (2026), https://openamerica.io/bill/116-S-3702/.
Markdown link
[S. 3702: A bill to appropriate additional amounts to provide loans under the paycheck protection program to community development financial institutions and minority depository institutions, and for other purposes.](https://openamerica.io/bill/116-S-3702/)
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