Senate Bill 3702
116th Congress(2019-2020)
A bill to appropriate additional amounts to provide loans under the paycheck protection program to community development financial institutions and minority depository institutions, and for other purposes.
Introduced
Introduced in Senate on May 12, 2020
Origin Chamber
Senate
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
3702
Congress
116
Policy Area
Commerce
Commerce
Primary focus of measure is business investment, development, regulation; small business; consumer affairs; competition and restrictive trade practices; manufacturing, distribution, retail; marketing; intellectual property. Measures concerning international competitiveness and restrictions on imports and exports may fall under Foreign Trade and International Finance policy area.
No Senate votes have been held for this bill.
Summary
This bill modifies and provides additional funding for the Paycheck Protection Program established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019).
Specifically, the bill provides an additional $10 billion to guarantee paycheck protection loans, $7.5 billion of which shall be for small loans made by community development financial institutions or minority depository institutions.
The bill also
- establishes a grant program to provide assistance to community development financial institutions and minority depository institutions that primarily make small paycheck protection loans;
- provides additional funding for the Community Development Financial Institutions Fund and prioritizes support for minority-led community development financial institutions or community development financial institutions that serve communities of color;
- authorizes community development financial institutions that are certified by the fund to make and approve paycheck protection loans;
- extends the deadline to apply for a paycheck protection loan;
- allows recipients up to 24 weeks to use their paycheck protection loan; and
- extends the deadline by which a paycheck protection loan recipient must eliminate a reduction in employment, salary, or wages to be eligible for loan forgiveness.
May 12, 2020
05/12/2020
Read twice and referred to the Committee on Small Business and Entrepreneurship.
05/12/2020
Introduced in Senate
Public Record
Record Updated
Jan 11, 2023 1:42:41 PM