Bill > HR8087

This bill amends the Small Business Act and the CARES Act to establish a program for second draw loans and make other modifications to the Paycheck Protection Program (PPP). The key provisions of the bill include: - Expanding the allowable uses of PPP loans to include covered operations expenditures, covered property damage costs, covered supplier costs, and covered worker protection expenditures. - Providing a safe harbor for lenders that rely on borrower certifications and documentation when originating or forgiving PPP loans. - Allowing borrowers to select their covered period for loan forgiveness. - Creating a simplified forgiveness process for loans under $150,000 and loans between $150,000 and $2 million. - Adding group insurance benefits as an allowable payroll cost for PPP. - Establishing a new "Paycheck Protection Program Second Draw Loans" program for certain small businesses that have experienced significant revenue reductions. - Allowing certain farmers and ranchers to recalculate their maximum loan amount. - Facilitating participation in the PPP and Second Draw Loans by Farm Credit System institutions. - Expanding PPP eligibility to certain 501(c)(6) organizations. - Prohibiting the use of PPP loan proceeds for lobbying activities. The bill also includes provisions related to bankruptcy, conflicts of interest, funding, and emergency rulemaking authority.

Business and Industry

https://www.congress.gov/bill/116th-congress/house-bill/8087/all-info