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Bill > HR8265


US HR8265

To amend 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, and for other purposes.


summary

Introduced
09/16/2020
In Committee
09/16/2020
Crossed Over
Passed
Dead
12/31/2020

Introduced Session

116th Congress

Bill Summary

A BILL To amend 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, and for other purposes. 1

AI Summary

This bill amends the Small Business Act and the CARES Act to establish a program for "second draw" loans under the Paycheck Protection Program (PPP) and make other modifications to the PPP. The key provisions include: - Expanding the allowable uses of PPP loan proceeds to cover additional expenses like operations, property damage, supplier costs, and worker protection expenditures. - Providing a "safe harbor" for lenders that rely on borrower certifications in originating or forgiving PPP loans. - Allowing borrowers to select their own covered period for loan forgiveness. - Establishing a simplified forgiveness application process for loans under $150,000 and loans between $150,000 and $2 million. - Allowing certain nonprofit organizations, including some 501(c)(6) groups, to be eligible for PPP loans. - Prohibiting the use of PPP loan proceeds for lobbying activities. - Creating a new "Second Draw" PPP loan program for small businesses that have experienced significant revenue declines. The bill aims to build on and expand the existing PPP to provide continued support to small businesses affected by the COVID-19 pandemic.

Committee Categories

Business and Industry

Sponsors (70)

Steve Chabot (R)* Mark Amodei (R),  Don Bacon (R),  Jim Baird (R),  Troy Balderson (R),  Andy Barr (R),  Gus Bilirakis (R),  Kevin Brady (R),  Susan Brooks (R),  Larry Bucshon (R),  Michael Burgess (R),  Buddy Carter (R),  John Carter (R),  Dan Crenshaw (R),  Mario Diaz-Balart (R),  Jeff Duncan (R),  Neal Dunn (R),  Tom Emmer (R),  Bill Flores (R),  Jeff Fortenberry (R),  Mike Gallagher (R),  Lance Gooden (R),  Kay Granger (R),  Mark Green (R),  Morgan Griffith (R),  Brett Guthrie (R),  James Hagedorn (R),  Jaime Herrera Beutler (R),  Clay Higgins (R),  French Hill (R),  Richard Hudson (R),  Christopher Jacobs (R),  Dave Joyce (R),  John Joyce (R),  Fred Keller (R),  Adam Kinzinger (R),  David Kustoff (R),  Darin LaHood (R),  Doug LaMalfa (R),  Bob Latta (R),  Billy Long (R),  Frank Lucas (R),  Blaine Luetkemeyer (R),  Kenny Marchant (R),  Roger Marshall (R),  Cathy McMorris Rodgers (R),  Carol Miller (R),  Paul Mitchell (I),  John Moolenaar (R),  Ralph Norman (R),  Greg Pence (R),  Bill Posey (R),  Martha Roby (R),  John Rose (R),  David Rouzer (R),  John Rutherford (R),  Steve Scalise (R),  Austin Scott (R),  Pete Stauber (R),  Steve Stivers (R),  Van Taylor (R),  Jeff Van Drew (R),  Tim Walberg (R),  Jackie Walorski (R),  Michael Waltz (R),  Brad Wenstrup (R),  Roger Williams (R),  Steve Womack (R),  Ron Wright (R),  Don Young (R), 

Last Action

Referred to the Committee on Small Business, and in addition to the Committee on the Judiciary, 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. (on 09/16/2020)

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