Senate Bill 4489
116th Congress(2019-2020)
Paycheck Protection Program Integrity Act of 2020
Introduced
Introduced in Senate on Aug 6, 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
4489
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.
Ron Johnson
grade
Wisconsin
No Senate votes have been held for this bill.
Summary
Paycheck Protection Program Integrity Act of 2020
This bill modifies loan forgiveness under the Paycheck Protection Program established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019).
Specifically, the bill reduces the amount of loan forgiveness by (1) the amount of a recipient's after-tax income, or (2) the increase in net assets if the recipient is a nonprofit organization. A recipient seeking loan forgiveness must submit documentation verifying after-tax income and net assets to determine any paycheck protection loan repayment.
Further, the bill requires the disclosure of paycheck protection loan information in accordance with applicable laws.
August 6, 2020
08/06/2020
Read twice and referred to the Committee on Small Business and Entrepreneurship.
08/06/2020
Introduced in Senate
Public Record
Record Updated
Jan 11, 2023 1:45:18 PM