Bill > S4818

This bill, the Heroes Small Business Lifeline Act, provides economic support to small businesses affected by COVID-19 by extending and expanding existing initiatives such as the Paycheck Protection Program, establishing a new lifeline grant program, and providing dedicated assistance for industries such as restaurants and live entertainment. Key provisions include: - Increasing the amount authorized for PPP loan commitments and providing additional direct appropriations for the program. - Modifying the PPP to extend the covered period for loan forgiveness, allow supplemental loans for certain businesses, streamline forgiveness for smaller loans, and expand eligibility. - Establishing a Lifeline Funding program to provide grants of up to $50,000 to small businesses with 50 or fewer employees that have experienced at least a 30% economic loss due to COVID-19. - Providing $120 billion in grants to eligible restaurants, food service businesses, and other hospitality entities that have experienced revenue losses. - Codifying the Minority Business Development Agency and expanding its initiatives to promote access to capital and technical assistance for minority-owned businesses. - Establishing new programs and providing funding to support Community Development Financial Institutions (CDFIs) and minority depository institutions in serving low-income and minority communities. Overall, the bill aims to deliver additional targeted relief and long-term support to small businesses, especially those owned by minorities and located in underserved communities, to help address the disproportionate economic impacts of the COVID-19 pandemic.

Budget and Finance

https://www.congress.gov/bill/116th-congress/senate-bill/4818/all-info