S 1690
117th Congress
Senate
Commerce
Appropriations
Business expenses
Cardiovascular and respiratory health
Emergency medical services and trauma care
Executive agency funding and structure
Government lending and loan guarantees
Infectious and parasitic diseases
Minority and disadvantaged businesses
Small Business Administration
Small business
Unemployment
Veterans' education, employment, rehabilitation
Wages and earnings
Women in business
Keeping Our Promise to Small Businesses Act
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 18, 2021
Read twice and referred to the Committee on Appropriations.
May 18, 2021
Introduced in Senate
Plain-English summary
Keeping Our Promise to Small Businesses Act
This bill provides additional funding to the Small Business Administration (SBA) for the Paycheck Protection Program, which was established to assist small businesses during the COVID-19 pandemic.
Specifically, the bill provides the additional funding for the cost of
- processing loan applications that were submitted on or before May 4, 2021; and
- providing guaranteed loans to eligible entities that apply on or before May 31, 2021, have no more than 100 employees, and are located in a state with an unemployment rate of at least 6%.
In guaranteeing the new loans, the SBA must give a preference to entities that are women-, minority-, or veteran-owned.
What's happening now
Read twice and referred to the Committee on Appropriations.
Committees of jurisdiction
1