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Main Subject: Commerce

This bill establishes funding for, expands, and provides additional economic assistance to small businesses in response to COVID-19 (i.e., coronavirus disease 2019).

Specifically, the Small Business Administration (SBA) 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 through December 31, 2020, 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.

S4321-116, HR8265-116, S4775-116, S4773-116,

Categories

Accounting and auditing Administrative law and regulatory procedures Agricultural prices, subsidies, credit Bankruptcy Business ethics Business expenses Cardiovascular and respiratory health Computers and information technology Congressional oversight Corporate finance and management Emergency medical services and trauma care Employee benefits and pensions Farm Credit Administration Government lending and loan guarantees Government studies and investigations Infectious and parasitic diseases Life, casualty, property insurance Public participation and lobbying Agricultural prices credit Life casualty property insurance Commerce

House floor actions Actions

IntroReferral

Aug. 22
2020

Referred to the Committee on Small Business, and in addition to the Committees on the Judiciary, the Budget, and Appropriations, 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.
Referred to the Committee on Small Business, and in addition to the Committees on the Judiciary, the Budget, and Appropriations, 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.
Referred to the Committee on Small Business, and in addition to the Committees on the Judiciary, the Budget, and Appropriations, 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.
Referred to the Committee on Small Business, and in addition to the Committees on the Judiciary, the Budget, and Appropriations, 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.

Library of Congress Actions

IntroReferral
Aug. 22 2020	Introduced in House Introduced in House

House bill HR8087-116

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.

House bill HR8087-116

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.

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