US HB7777 | 2019-2020 | 116th Congress
Status
Spectrum: Slight Partisan Bill (Republican 85-53)
Status: Introduced on July 24 2020 - 25% progression, died in committee
Action: 2020-07-24 - Referred to the House Committee on Small Business.
Pending: House Small Business Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on July 24 2020 - 25% progression, died in committee
Action: 2020-07-24 - Referred to the House Committee on Small Business.
Pending: House Small Business Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Modifies loan forgiveness under the Paycheck Protection Program established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019). Specifically, the bill provides for automatic forgiveness of a paycheck protection loan that is not more than $150,000 if the recipient submits a one-page form. Such form must allow a recipient to submit specified demographc and expenditure information, and certain individuals (e.g., the President, the Vice President, or the head of an executive department) are not eligible for such forgiveness. Further, the bill prohibits any enforcement or other action against a lender relating to loan origination, forgiveness, or guarantee based on the lender's reliance on certifications or documentation submitted by a loan applicant or recipient.
Title
Paycheck Protection Small Business Forgiveness Act
Sponsors
History
Date | Chamber | Action |
---|---|---|
2020-07-24 | House | Referred to the House Committee on Small Business. |
2020-07-24 | House | Introduced in House |
Same As/Similar To
SB4117 (Related) 2020-06-30 - Read twice and referred to the Committee on Small Business and Entrepreneurship.
Subjects
Business expenses
Business records
Cardiovascular and respiratory health
Civil actions and liability
Commerce
Emergency medical services and trauma care
Employee hiring
Government information and archives
Government lending and loan guarantees
Infectious and parasitic diseases
Small business
Wages and earnings
Business records
Cardiovascular and respiratory health
Civil actions and liability
Commerce
Emergency medical services and trauma care
Employee hiring
Government information and archives
Government lending and loan guarantees
Infectious and parasitic diseases
Small business
Wages and earnings
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/116th-congress/house-bill/7777/all-info |
Text | https://www.congress.gov/116/bills/hr7777/BILLS-116hr7777ih.pdf |