Bill Sponsor
House Bill 6918
116th Congress(2019-2020)
Paycheck Recovery Act of 2020
Introduced
Introduced
Introduced in House on May 19, 2020
Overview
Text
Introduced
May 19, 2020
Latest Action
May 19, 2020
Origin Chamber
House
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
6918
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.
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House Votes (0)
Senate Votes (0)
No House votes have been held for this bill.
Summary

Paycheck Recovery Act of 2020

This bill directs the Department of the Treasury to establish a paycheck recovery program to provide grants for certain small businesses and employers that have lost revenue because of COVID-19 (i.e., coronavirus disease 2019) to pay wages and fixed expenses such as rent, utilities, and safety equipment.

Treasury shall award such grants to employers that have experienced revenue losses above a 10% gross receipts threshold or to small businesses that employ 20 or fewer individuals and have annual gross receipts of less than $3 million. Recipients shall receive an initial, 90-day grant that covers the percentage of revenue loss multiplied by wages provided to an employee (up to a salary cap of $90,000), plus an additional 25% of total wages to cover business operating costs. Subsequent grants shall be disbursed on a monthly basis until the nationwide unemployment rate remains below 7% for three consecutive months, at which point Treasury shall terminate the program.

An employer receiving a grant must meet certain conditions related to share repurchases, payments to shareholders or bondholders, and executive compensation and bonuses, as well as conditions relating to labor protections such as keeping employees on payroll and benefits.

The bill also establishes a Congressional Paycheck Recovery Program Implementation Oversight Board to ensure employers that receive grants use the funds appropriately and comply with all conditions.

Text (1)
Actions (2)
05/19/2020
Referred to the Committee on Financial Services, and in addition to the Committees on the Judiciary, and Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
05/19/2020
Introduced in House
Public Record
Record Updated
Jan 11, 2023 1:42:53 PM