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Continuing the Paycheck Protection Program Act

Introduced: September 30, 2020 Introduced by: Collins, Susan M. Republican · Maine See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Oct 1, 2020
Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 562.
Sep 30, 2020
Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
Sep 30, 2020
Introduced in Senate
 Plain-English summary Congressional Research Service

Continuing the Paycheck Protection Program Act

This bill establishes funding for, expands, and provides additional economic assistance to small businesses in response to COVID-19.

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 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.

What's happening now October 1, 2020

Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 562.