US Congress House Bill 6755 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on May 8 2020 - 25% progression, died in committee
Action: 2020-05-08 - Referred to the House Committee on Small Business.
Pending: House Small Business Committee
Text: Latest bill text (Introduced) [PDF]

Revises reimbursement requirements pursuant to which the Small Business Administration (SBA) provides funds to lenders participating in the Paycheck Protection Program established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019). Specifically, the bill requires the SBA to give a lender that makes a paycheck protection loan a reimbursement of $1,000 for each such loan, with graduated additional amounts distributed to a lender based on the amount of the loan. The bill also provides a further reimbursement of $250 for each paycheck protection loan that a lender with consolidated assets of less than $50 billion provides to a new customer. Further, the bill requires the SBA to determine whether demand for paycheck protection loans is likely to exceed any future appropriated amounts and, if so, to prioritize providing guarantees for loans of $300,000 or less.

PPP Small Business Support Act

Rep. Bill Foster [D-IL]

Date	Chamber	Action
2020-05-08	House	Referred to the House Committee on Small Business.
2020-05-08	House	Introduced in House

Type	Source
Summary	https://www.congress.gov/bill/116th-congress/house-bill/6755/all-info
Text	https://www.congress.gov/116/bills/hr6755/BILLS-116hr6755ih.pdf