US SB3702 | 2019-2020 | 116th Congress
Status
Spectrum: Partisan Bill (Democrat 2-0)
Status: Introduced on May 12 2020 - 25% progression, died in committee
Action: 2020-05-12 - Read twice and referred to the Committee on Small Business and Entrepreneurship.
Pending: Senate Small Business And Entrepreneurship Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on May 12 2020 - 25% progression, died in committee
Action: 2020-05-12 - Read twice and referred to the Committee on Small Business and Entrepreneurship.
Pending: Senate Small Business And Entrepreneurship Committee
Text: Latest bill text (Introduced) [PDF]
Summary
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.
Title
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.
Sponsors
Sen. Edward Markey [D-MA] | Sen. Tammy Duckworth [D-IL] |
History
Date | Chamber | Action |
---|---|---|
2020-05-12 | Senate | Read twice and referred to the Committee on Small Business and Entrepreneurship. |
Subjects
Appropriations
Business expenses
Cardiovascular and respiratory health
Commerce
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
Business expenses
Cardiovascular and respiratory health
Commerce
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
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/116th-congress/senate-bill/3702/all-info |
Text | https://www.congress.gov/116/bills/s3702/BILLS-116s3702is.pdf |