Paycheck Protection Program Second Chance Act
This bill requires specified treatment of certain criminal violations under the Paycheck Protection Program established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019).
Specifically, the bill provides that an entity shall not be ineligible for a paycheck protection loan if certain owners have prior arrests or convictions, unless the owner (1) is incarcerated as of the date of the loan application, or (2) has been convicted of a felony of financial fraud or deception during the five-year period prior to the loan application.
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