US SB3814 | 2019-2020 | 116th Congress

Status

Spectrum: Bipartisan Bill
Status: Introduced on May 21 2020 - 25% progression
Action: 2020-06-03 - Committee on Small Business and Entrepreneurship. Hearings held.
Text: Latest bill text (Introduced) [PDF]

Summary

RESTART Act Reviving the Economy Sustainably Towards A Recovery in Twenty-twenty Act This bill extends the Paycheck Protection Program, established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019), for certain businesses, and it establishes a loan program whereby the Small Business Administration (SBA) shall guarantee loan amounts to certain businesses affected by COVID-19. Specifically, the bill provides a paycheck protection loan recipient with 16 weeks to use such funds if the recipient has (1) less than 500 full-time employees, and (2) suffered a decline in revenues of at least 25%. The bill also establishes a loan program whereby the SBA shall guarantee 100% of program loan amounts made to certain small businesses that have not more than 5,000 full-time employees. The terms for such loans shall include (1) a maximum duration of not more than seven years; (2) an amount that is not greater than 45% of 2019 gross receipts, up to $12 million; and (3) no payment on principal for the first two years of the loan. A lender that is otherwise approved to make paycheck protection loans may make and approve loans established by the bill, and a recipient may use loan funds for specified allowable expenses including payroll costs, rent, utilities, and personal protective equipment. Such loans may be forgiven up to the amount of total losses incurred by the recipient in the taxable year 2020.

Tracking Information

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Title

RESTART Act Reviving the Economy Sustainably Towards A Recovery in Twenty-twenty Act

Sponsors


History

DateChamberAction
2020-06-03SenateCommittee on Small Business and Entrepreneurship. Hearings held.
2020-05-21SenateRead twice and referred to the Committee on Finance.

Same As/Similar To

HB7481 (Related) 2020-07-02 - Referred to the Committee on Small Business, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Subjects


US Congress State Sources


Bill Comments

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