A bill to extend the paycheck protection program and to provide supplemental loans to recipients of loans under the paycheck protection program, and for other purposes.
About This Bill
Committee
Latest Action · July 1, 2020
Read twice and referred to the Committee on Small Business and Entrepreneurship.
Paycheck Protection Program Extension and Modification Act of 2020
This bill extends through December 31, 2020, the Paycheck Protection Program established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019), and it authorizes additional lending under the program.
Specifically, the bill authorizes an additional program loan to be made to a prior recipient of a paycheck protection loan. Such additional loan shall be (1) used for allowable expenses under the program, (2) guaranteed in the same manner as a paycheck protection loan, and (3) eligible for forgiveness under the program.
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