Bill > S3814

Introduced Session

A bill to establish a loan program for businesses affected by COVID-19 and to extend the loan forgiveness period for paycheck protection program loans made to the hardest hit businesses, and for other purposes. 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.

AI Summary

Committee Categories

Michael Bennet (D)*,  Lamar Alexander (R),  Tammy Baldwin (D),  Marsha Blackburn (R),  Richard Blumenthal (D),  Roy Blunt (R),  Cory Booker (D),  John Boozman (R),  Richard Burr (R),  Shelley Moore Capito (R),  Bob Casey (D),  John Cornyn (R),  Catherine Cortez Masto (D),  Tom Cotton (R),  Kevin Cramer (R),  Steve Daines (R),  Tammy Duckworth (D),  Dick Durbin (D),  Joni Ernst (R),  Dianne Feinstein (D),  Cory Gardner (R),  Kirsten Gillibrand (D),  Lindsey Graham (R),  Kamala Harris (D),  Maggie Hassan (D),  Martin Heinrich (D),  Cindy Hyde-Smith (R),  James Inhofe (R),  Tim Kaine (D),  Angus King (I),  Amy Klobuchar (D),  Patrick Leahy (D),  Joe Manchin (I),  Ed Markey (D),  Bob Menendez (D),  Jeff Merkley (D),  Jerry Moran (R),  Lisa Murkowski (R),  Chris Murphy (D),  Patty Murray (D),  David Perdue (R),  Gary Peters (D),  Rob Portman (R),  Jack Reed (D),  Pat Roberts (R),  Mitt Romney (R),  Jacky Rosen (D),  Brian Schatz (D),  Richard Shelby (R),  Kyrsten Sinema (I),  Tina Smith (D),  Debbie Stabenow (D),  Dan Sullivan (R),  Jon Tester (D),  Thom Tillis (R),  Chris Van Hollen (D),  Elizabeth Warren (D),  Sheldon Whitehouse (D),  Roger Wicker (R),  Todd Young (R), 

Committee on Small Business and Entrepreneurship. Hearings held. (on 12/10/2020)

Official Document