H.R. 6751, Caring for Startup Employees Act of 2020
Summary
H.R. 6751, the Caring for Startup Employees Act of 2020, was introduced in the House of Representatives on May 8, 2020, by Ms. Eshoo and referred to the Committee on Small Business. It amends the Small Business Act by adding a subclause covering a small business concern that has accepted funding from an investment company, notwithstanding any assessment of that investment company. The concern qualifies as long as no investment company is a majority stakeholder and it does not distribute loan proceeds to any investment company, including through dividends, redemptions, or security repurchases.
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Cite this document
“H.R. 6751, Caring for Startup Employees Act of 2020.”
Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/bills-bills-116hr6751ih-bills-116hr6751ih/
, SHA-256 18cf0a570e0f455473bcfffb29bdd6eaf2230cde9bb0b364f6eb317362bb078c.Full text
I
116TH CONGRESS
2D SESSION
H. R. 6751
To amend the Small Business Act to include certain small business concerns
in the paycheck protection program, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
MAY 8, 2020
Ms. ESHOO (for herself and Mrs. RODGERS of Washington) introduced the
following bill; which was referred to the Committee on Small Business
A BILL
To amend the Small Business Act to include certain small
business concerns in 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. SHORT TITLE.
4 This Act may be cited as the ‘‘Caring for Startup
5 Employees Act of 2020’’.
6 SEC. 2. ENSURING STARTUPS CAN ACCESS THE PAYCHECK
7 PROTECTION PROGRAM.
8
pamtmann on DSKBC07HB2PROD with BILLS
Section 7(a)(36)(D)(iv) of the Small Business Act
9 (15 U.S.C. 636(a)(36)(D)(iv)) is amended—
10 (1) by adding at the end the following:
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2
1 ‘‘(IV) any small business concern
2 that has accepted funding from an in-
3 vestment company, as such term is
4 defined in section 80a–3 of title 15,
5 Code of Federal Regulations (or any
6 successor regulation), notwithstanding
7 any assessment of such investment
8 company, as long as—
9 ‘‘(aa) no investment com-
10 pany is a majority stakeholder of
11 the small business concern; and
12 ‘‘(bb) the small business
13 concern does not distribute pro-
14 ceeds of the loan to any invest-
15 ment company of such small
16 business concern, including
17 through dividends, redemptions,
18 security repurchases, or any
19 other transfer or transaction.’’;
20 (2) in subclause (II), by striking ‘‘; and’’ and
21 inserting a semicolon; and
22 (3) in subclause (III), by striking the period at
23 the end and inserting ‘‘; and’’.
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Æ
•HR 6751 IH
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