US Congress Senate Bill 3702 (Prior Session Legislation)

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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]

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.

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.

Sen. Edward Markey [D-MA]

Sen. Tammy Duckworth [D-IL]

Date	Chamber	Action
2020-05-12	Senate	Read twice and referred to the Committee on Small Business and Entrepreneurship.

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