legislation: 116-s-4773

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bill_id congress bill_type bill_number title policy_area introduced_date latest_action_date latest_action_text origin_chamber sponsor_name sponsor_state sponsor_party sponsor_bioguide_id cosponsor_count summary_text update_date url
116-s-4773 116 s 4773 A bill to establish the Paycheck Protection Program Second Draw Loan, and for other purposes. Commerce 2020-09-30 2020-10-01 Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 562. Senate Sen. Collins, Susan M. [R-ME] ME R C001035 1 Continuing the Paycheck Protection Program Act This bill establishes funding for, expands, and provides additional economic assistance to small businesses in response to COVID-19. Specifically, the Small Business Administration is authorized to provide second draw loans of up to $2 million under the Paycheck Protection Program. A recipient shall be eligible for forgiveness of a second draw loan in the same manner as an initial paycheck protection loan. Further the bill modifies the Paycheck Protection Program by, among other things, (1) expanding forgivable expenses, (2) allowing borrowers to select an eight-week period to use their paycheck protection loan, (3) simplifying the forgiveness application for smaller loans, (4) expanding eligibility to certain chambers of commerce and destination marketing organizations, and (5) establishing a specific loan calculation for farmers and ranchers. 2021-12-29T22:23:38Z  

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