134 Stat. 660 (Pub. L. 116-147, Pub. L. 116-147 (PPP commitment authority extension))
Summary
Public Law 116–147, an Act of the 116th Congress approved July 4, 2020 (S. 4116) and printed at 134 STAT. 660, extending the authority for commitments for the paycheck protection program. It rewrites section 1102(b) of the CARES Act (Public Law 116–136) so that, during the period beginning on February 15, 2020 and ending on August 8, 2020, the amount authorized for commitments under paragraph (36) of section 7(a) of the Small Business Act shall be $659,000,000,000. A second paragraph separates the other 7(a) loans: for fiscal year 2020 their commitment authority is the amount set in the Consolidated Appropriations Act, 2020 (Public Law 116–93). The legislative history lists the Congressional Record, Vol. 166 (2020): passed by the Senate on June 30 and by the House on July 1.
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“134 Stat. 660 (Pub. L. 116-147, Pub. L. 116-147 (PPP commitment authority extension)).”
Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/134-stat-660-pub-l-116-147-pub-l-116-147-ppp-commitment-authority-exte-cb22a37535/
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134 STAT. 660 PUBLIC LAW 116–147—JULY 4, 2020
Public Law 116–147
116th Congress
An Act
To extend the authority for commitments for the paycheck protection program
July 4, 2020 and separate amounts authorized for other loans under section 7(a) of the Small
[S. 4116] Business Act, and for other purposes.
Be it enacted by the Senate and House of Representatives of
the United States of America in Congress assembled,
SECTION 1. EXTENDING AUTHORITY FOR COMMITMENTS FOR THE
PAYCHECK PROTECTION PROGRAM AND SEPARATING
AMOUNTS AUTHORIZED FOR OTHER 7(A) LOANS.
Section 1102(b) of title I of division A of the Coronavirus Aid,
Ante, p. 293. Relief, and Economic Security Act (Public Law 116–136) is amended
to read as follows:
Time periods. ‘‘(b) COMMITMENTS FOR PPP AND OTHER 7(A) LOANS.—
‘‘(1) PPP LOANS.—During the period beginning on February
15, 2020 and ending on August 8, 2020, the amount authorized
for commitments under paragraph (36) of section 7(a) of the
Small Business Act (15 U.S.C. 636(a)) shall be
$659,000,000,000.
Applicability. ‘‘(2) OTHER 7(A) LOANS.—During fiscal year 2020, the
amount authorized for commitments for section 7(a) of the
Small Business Act (15 U.S.C. 636(a)) under the heading ‘BUSI-
NESS LOANS PROGRAM ACCOUNT’ under the heading ‘SMALL BUSI-
NESS ADMINISTRATION’ under title V of the Consolidated Appro
priations Act, 2020 (Public Law 116–93; 133 Stat. 2475) shall
apply with respect to any commitments under such section
7(a) other than under paragraph (36) of such section 7(a).’’.
Approved July 4, 2020.
LEGISLATIVE HISTORY—S. 4116:
whamilton on LAP1Z6H6L3PROD with STATUTES
CONGRESSIONAL RECORD, Vol. 166 (2020):
June 30, considered and passed Senate.
July 1, considered and passed House.
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