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PPP Small Business Support Act

USA116th CongressHR-6755| House 
| Updated: 5/8/2020
Bill Foster

Bill Foster

Democratic Representative

Illinois

Small Business Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
PPP Small Business Support Act This bill revises reimbursement requirements pursuant to which the Small Business Administration (SBA) provides funds to lenders participating in the Paycheck Protection Program established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019). Specifically, the bill requires the SBA to give a lender that makes a paycheck protection loan a reimbursement of $1,000 for each such loan, with graduated additional amounts distributed to a lender based on the amount of the loan. The bill also provides a further reimbursement of $250 for each paycheck protection loan that a lender with consolidated assets of less than $50 billion provides to a new customer. Further, the bill requires the SBA to determine whether demand for paycheck protection loans is likely to exceed any future appropriated amounts and, if so, to prioritize providing guarantees for loans of $300,000 or less.
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Timeline
May 8, 2020
Introduced in House
May 8, 2020
Referred to the House Committee on Small Business.
  • May 8, 2020
    Introduced in House


  • May 8, 2020
    Referred to the House Committee on Small Business.

Commerce

AppropriationsBank accounts, deposits, capitalBanking and financial institutions regulationBusiness expensesCardiovascular and respiratory healthCredit and credit marketsEmergency medical services and trauma careGovernment lending and loan guaranteesInfectious and parasitic diseasesSmall business

PPP Small Business Support Act

USA116th CongressHR-6755| House 
| Updated: 5/8/2020
PPP Small Business Support Act This bill revises reimbursement requirements pursuant to which the Small Business Administration (SBA) provides funds to lenders participating in the Paycheck Protection Program established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019). Specifically, the bill requires the SBA to give a lender that makes a paycheck protection loan a reimbursement of $1,000 for each such loan, with graduated additional amounts distributed to a lender based on the amount of the loan. The bill also provides a further reimbursement of $250 for each paycheck protection loan that a lender with consolidated assets of less than $50 billion provides to a new customer. Further, the bill requires the SBA to determine whether demand for paycheck protection loans is likely to exceed any future appropriated amounts and, if so, to prioritize providing guarantees for loans of $300,000 or less.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
May 8, 2020
Introduced in House
May 8, 2020
Referred to the House Committee on Small Business.
  • May 8, 2020
    Introduced in House


  • May 8, 2020
    Referred to the House Committee on Small Business.
Bill Foster

Bill Foster

Democratic Representative

Illinois

Small Business Committee

Commerce

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
AppropriationsBank accounts, deposits, capitalBanking and financial institutions regulationBusiness expensesCardiovascular and respiratory healthCredit and credit marketsEmergency medical services and trauma careGovernment lending and loan guaranteesInfectious and parasitic diseasesSmall business