US Congress House Bill 7241 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 21-0)
Status: Introduced on June 18 2020 - 25% progression, died in committee
Action: 2020-06-18 - Referred to the House Committee on Small Business.
Pending: House Small Business Committee
Text: Latest bill text (Introduced) [PDF]

Authorizes new lending under the Paycheck Protection Program, established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019), for specified small businesses that have experienced a significant loss in revenue. Specifically, the bill authorizes one supplemental paycheck protection loan for a small business that (1) has no more than 100 employees, (2) operates under a sole proprietorship or as an independent contractor, or (3) is self-employed. To be eligible for a supplemental paycheck protection loan, such small business must demonstrate a loss of revenue of 50% or more and have either already expended an initial paycheck protection loan or be on pace to exhaust such loan prior to disbursal of the supplemental loan. The bill also extends the application deadline for an initial paycheck protection loan to December 31, 2020, and it authorizes loan recipients to apply for forgiveness as early as eight weeks after the loan's disbursal. The Small Business Administration must (1) issue guidance instructing lenders of paycheck protection loans to prioritize loan processing for and disbursement to underserved businesses, (2) update the loan application for paycheck protection loans to collect borrowers' demographic information, and (3) publish specified program information on its website.

P4 Act Prioritized Paycheck Protection Program Act

Rep. Angela Craig [D-MN]	Rep. Antonio Delgado [D-NY]	Rep. Nydia Velazquez [D-NY]	Rep. Colin Allred [D-TX]
Rep. Dean Phillips [D-MN]	Rep. Lori Trahan [D-MA]	Rep. Donna Shalala [D-FL]	Rep. James Langevin [D-RI]
Rep. Cindy Axne [D-IA]	Rep. Elizabeth Fletcher [D-TX]	Rep. Diana DeGette [D-CO]	Rep. Thomas Suozzi [D-NY]
Sen. Peter Welch [D-VT]	Rep. Grace Meng [D-NY]	Rep. Grace Napolitano [D-CA]	Rep. Christopher Pappas [D-NH]
Rep. Rebecca Sherrill [D-NJ]	Rep. Abby Finkenauer [D-IA]	Rep. Ed Case [D-HI]	Rep. Adam Smith [D-WA]
Rep. Andy Kim [D-NJ]

Date	Chamber	Action
2020-06-18	House	Referred to the House Committee on Small Business.
2020-06-18	House	Introduced in House

SB4014 (Same As) 2020-06-18 - Read twice and referred to the Committee on Small Business and Entrepreneurship.

Type	Source
Summary	https://www.congress.gov/bill/116th-congress/house-bill/7241/all-info
Text	https://www.congress.gov/116/bills/hr7241/BILLS-116hr7241ih.pdf