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H.R. 1799 (117th): PPP Extension Act of 2021

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The text of the bill below is as of Mar 11, 2021 (Introduced).

I

117th CONGRESS

1st Session

H. R. 1799

IN THE HOUSE OF REPRESENTATIVES

March 11, 2021

(for herself, Mrs. Kim of California, Ms. Velázquez, and Mr. Luetkemeyer) introduced the following bill; which was referred to the Committee on Small Business

A BILL

To amend the Small Business Act and the CARES Act to extend the covered period for the paycheck protection program, and for other purposes.

1.

Short title

This Act may be cited as the PPP Extension Act of 2021.

2.

Extension of covered period for paycheck protection program

(a)

In general

Section 7(a)(36)(A)(iii) of the Small Business Act (15 U.S.C. 636(a)(36)(A)(iii)) is amended by striking March 31, 2021 and inserting June 30, 2021.

(b)

Funding

Section 1102(b)(1) of the CARES Act (Public Law 116–136), as amended by section 323 of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Public Law 116–260), is amended by striking March 31, 2021 and inserting June 30, 2021.

(c)

Restriction

From June 1, 2021, through June 30, 2021, the Administrator of the Small Business Administration shall not accept new lender applications for loans under paragraph (36) or (37) of section 7(a) of the Small Business Act (15 U.S.C. 636(a)) and shall only process such lender applications that have been submitted to the Administrator before June 1, 2021.