{"@context":"https://schema.org","@type":"Legislation","name":"Continuing Small Business Recovery and Paycheck Protection Program Act","description":"

Continuing Small Business Recovery and Paycheck Protection Program Act

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.

The SBA may also provide loans of up to $10 million to recovery sector small businesses (e.g., certain seasonal businesses and businesses located in low-income census tracts) to meet working capital needs, acquire fixed assets, or refinance existing indebtedness while recovering from the COVID-19 pandemic. Among other requirements, a loan recipient must demonstrate at least a 50% reduction in gross revenues.

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.

Lastly, the SBA must establish and carry out a facility to improve the recovery of eligible small businesses from the COVID-19 pandemic, increase resiliency in the manufacturing supply chain of small businesses, and increase economic development of small business low-income census tracts by providing financial assistance to participating investment companies that facilitate equity financing to eligible small businesses.

","legislationIdentifier":"S 4321","legislationType":"Bill","legislationLegalForce":"NotInForce","legislationJurisdiction":"USA","author":[{"@type":"Person","name":"Marco Rubio","url":"https://legisdaily.com/mp/marco-rubio-us"}],"about":{"@type":"Thing","name":"Commerce"},"keywords":"Accounting and auditing, Administrative law and regulatory procedures, Agricultural prices, subsidies, credit, Appropriations, Bankruptcy, Business ethics, Business expenses, Business investment and capital, Cardiovascular and respiratory health, Congressional oversight, Corporate finance and management, Crimes against property, Economic development, Emergency medical services and trauma care, Employee benefits and pensions, Executive agency funding and structure, Federal officials, Government ethics and transparency, public corruption, Government lending and loan guarantees, Government studies and investigations, Health technology, devices, supplies, Infectious and parasitic diseases, Licensing and registrations, Manufacturing, Members of Congress, Presidents and presidential powers, Vice Presidents, Public participation and lobbying, Securities, Small business, Small Business Administration, Tax-exempt organizations, Temporary and part-time employment, Wages and earnings, Worker safety and health","dateModified":"2025-01-14T00:00:00.000Z","url":"https://legisdaily.com/bill/USA-116-S-4321"}

Marco Rubio

Small Business and Entrepreneurship Committee

Marco Rubio

Small Business and Entrepreneurship Committee