H. R. 6506 — Bill To Modify the Paycheck Protection Program (Extension, Additional Amounts, Appropriation)
Summary
H. R. 6506, introduced April 14, 2020 by Kilmer (for himself, Herrera Beutler, and Dean) and referred to the Committee on Small Business, is a bill to amend the Small Business Act to modify the paycheck protection program, and for other purposes. Section 1 strikes June 30, 2020 and inserts the date that is 30 days after the proclamation on declaring a national emergency concerning the novel coronavirus disease (issued March 13, 2020) no longer has force or effect. Section 2 lets an eligible recipient request an additional amount not earlier than 6 weeks and not later than 8 weeks after origination of the covered loan, not greater than the amount of that loan. Section 4 appropriates $900,000,000,000 for the cost of guaranteed loans.
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Cite this document
“H. R. 6506 — Bill To Modify the Paycheck Protection Program (Extension, Additional Amounts, Appropriation).”
Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/bills-bills-116hr6506ih-bills-116hr6506ih/
, SHA-256 d8bbc7b5990f188ffcc2088970add3f31a655c456a600ac5c61761b038aa2bf7.Full text
I
116TH CONGRESS
2D SESSION
H. R. 6506
To amend the Small Business Act to modify the paycheck protection program,
and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
APRIL 14, 2020
Mr. KILMER (for himself, Ms. HERRERA BEUTLER, and Ms. DEAN) intro-
duced the following bill; which was referred to the Committee on Small
Business
A BILL
To amend the Small Business Act to modify the paycheck
protection program, and for other purposes.
1 Be it enacted by the Senate and House of Representa-
2 tives of the United States of America in Congress assembled,
3 SECTION 1. EXTENSION OF PERIOD OF THE PAYCHECK
4 PROTECTION PROGRAM.
5 Section 7(a)(36)(A)(iii) of the Small Business Act
6 (15 U.S.C. 636(a)(36)(A)(iii)) is amended by striking
7 ‘‘June 30, 2020’’ and inserting ‘‘the date that is 30 days
8 after the date on which the ‘Proclamation on Declaring
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9 a National Emergency Concerning the Novel Coronavirus
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2
1 Disease (COVID–19) Outbreak’ (issued March 13, 2020)
2 no longer has force or effect’’.
3 SEC. 2. ADDITIONAL AMOUNTS UNDER THE PAYCHECK
4 PROTECTION PROGRAM.
5 (a) IN GENERAL.—Section 7(a)(36) of the Small
6 Business Act (15 U.S.C. 636(a)(36)) is amended by add-
7 ing at the end the following new subparagraph:
8 ‘‘(S) ADDITIONAL AMOUNTS.—
9 ‘‘(i) IN GENERAL.—During the cov-
10 ered period, an eligible recipient that re-
11 ceived a covered loan under this paragraph
12 may request an additional amount from
13 the lender of such covered loan not earlier
14 than 6 weeks and not later than 8 weeks
15 after the origination of the covered loan.
16 ‘‘(ii) AMOUNT; TERMS.—Such addi-
17 tional amount shall not be greater than the
18 amount of the covered loan and shall be
19 subject to the same terms as the covered
20 loan.
21 ‘‘(iii) SUBSEQUENT ADDITIONAL
22 AMOUNTS.—During the covered period, an
23 eligible borrower that receives an addi-
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24 tional amount under this subparagraph
25 may request a subsequent additional
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1 amount not earlier than 6 weeks and not
2 later than 8 weeks after the disbursement
3 of the initial additional amount.’’.
4 (b) FORGIVENESS OF ADDITIONAL AMOUNTS.—Sec-
5 tion 1106(a)(1) of the CARES Act (Public Law 116–136)
6 is amended by inserting ‘‘, including any additional
7 amount under subparagraph (S) of such paragraph’’ after
8 ‘‘section 1102’’.
9 SEC. 3. EXTENSION OF DEFERRAL.
10 Section 7(a)(36)(M)(ii)(II) of the Small Business Act
11 is amended—
12 (1) by striking ‘‘6 months’’ and inserting ‘‘1
13 year’’; and
14 (2) by striking ‘‘, and not more than 1 year’’.
15 SEC. 4. DIRECT APPROPRIATION FOR THE PAYCHECK PRO-
16 TECTION PROGRAM.
17 There is appropriated, out of amounts in the Treas-
18 ury not otherwise appropriated, for the fiscal year ending
19 September 30, 2020, to remain available until the date
20 that is 30 days after the date on which the ‘‘Proclamation
21 on Declaring a National Emergency Concerning the Novel
22 Coronavirus Disease (COVID–19) Outbreak’’ (issued
23 March 13, 2020) no longer has force or effect, for an addi-
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24 tional amount $900,000,000,000 under the heading
25 ‘‘Small Business Administration—Business Loans Pro-
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1 gram Account, CARES Act’’ for the cost of guaranteed
2 loans as authorized under paragraph (36) of section 7(a)
3 of the Small Business Act (15 U.S.C. 636(a)), as added
4 by section 1102(a) of the CARES Act (Public Law 116–
5 136).
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