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S. 4125 (116th): Paycheck Protection Program Extension and Modification Act of 2020

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The text of the bill below is as of Jul 1, 2020 (Introduced). The bill was not enacted into law.

II

116th CONGRESS

2d Session

S. 4125

IN THE SENATE OF THE UNITED STATES

July 1, 2020

introduced the following bill; which was read twice and referred to the Committee on Small Business and Entrepreneurship

A BILL

To extend the paycheck protection program and to provide supplemental loans to recipients of loans under the paycheck protection program, and for other purposes.

1.

Short title

This Act may be cited as the Paycheck Protection Program Extension and Modification Act of 2020.

2.

Extending authority for commitments for the paycheck protection program

Section 1102(b) of title I of division A of the Coronavirus Aid, Relief, and Economic Security Act (Public Law 116–136) is amended, in the matter preceding paragraph (1), by striking June 30, 2020 and inserting December 31, 2020.

3.

Additional PPP loans

Section 7(a)(36) of the Small Business Act (15 U.S.C. 636(a)(36)) is amended by adding at the end the following:

(T)

Additional loans

An eligible recipient of a covered loan before the date of enactment of the Paycheck Protection Program Extension and Modification Act of 2020 may apply for and receive an additional loan in an amount equal to the covered loan, which shall be—

(i)

used for allowable expenses in accordance with subparagraph (F);

(ii)

guaranteed under this paragraph in the same manner as a covered loan; and

(iii)

eligible for loan forgiveness in the same manner as a covered loan under section 1106 of the CARES Act (15 U.S.C. 9005).

.