H.R. 6755, PPP Small Business Support Act
Summary
H.R. 6755, the PPP Small Business Support Act, introduced in the House of Representatives on May 8, 2020 by Foster and referred to the Committee on Small Business. It is a bill to amend the Small Business Act to revise requirements under the paycheck protection program. Section 2 amends the reimbursement of lenders for covered loans, providing $1,000 for each covered loan made by the lender plus an amount based on the financing balance, and $250 for each covered loan to an eligible recipient who was not a customer of a lender with consolidated assets of less than $50,000,000,000. It also adds a prioritization provision for covered loans with a principal amount of $300,000 or less.
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Cite this document
“H.R. 6755, PPP Small Business Support Act.”
Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/bills-bills-116hr6755ih-bills-116hr6755ih/
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I
116TH CONGRESS
2D SESSION
H. R. 6755
To amend the Small Business Act to revise requirements under the paycheck
protection program, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
MAY 8, 2020
Mr. FOSTER introduced the following bill; which was referred to the
Committee on Small Business
A BILL
To amend the Small Business Act to revise requirements
under 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 ‘‘PPP Small Business
5 Support Act’’.
6 SEC. 2. AMENDMENTS TO THE PAYCHECK PROTECTION
7 PROGRAM.
8 Section 7(a)(36) of the Small Business Act (15
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9 U.S.C. 636(a)(36)), as amended by subsection (b)(2), is
10 further amended—
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2
1 (1) in subparagraph (P)—
2 (A) by amending clause (i) to read as fol-
3 lows:
4 ‘‘(i) IN GENERAL.—The Administrator
5 shall reimburse a lender authorized to
6 make a covered loan as follows:
7 ‘‘(I) For each covered loan made
8 by the lender, $1,000.
9 ‘‘(II) In addition to the amount
10 in subclause (I), an amount based on
11 the balance of the financing out-
12 standing at the time of disbursement
13 of the covered loan, equal to—
14 ‘‘(aa) 10 percent of the
15 amount of such balance that does
16 not exceed $100,000, plus
17 ‘‘(bb) 3 percent of the
18 amount of such balance that ex-
19 ceeds $100,000 but does not ex-
20 ceed $1,000,000, plus
21 ‘‘(cc) 0.2 percent of the
22 amount of such balance that ex-
23 ceeds $1,000,000.’’;
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3
1 (B) by redesignating clauses (ii) through
2 (iv) as clauses (iii) through (v), respectively;
3 and
4 (C) by inserting after clause (i) the fol-
5 lowing new clause:
6 ‘‘(ii) SMALL LENDERS.—In addition
7 to reimbursement received under clause (i),
8 the Administrator shall reimburse a lender
9 with consolidated assets of less than
10 $50,000,000,000 that is authorized to
11 make a covered loan $250 for each covered
12 loan made to an eligible recipient, if such
13 eligible recipient was not a customer of
14 such lender before applying for assistance
15 under this paragraph.’’; and
16 (2) by adding at the end the following new sub-
17 paragraph:
18 ‘‘(X) PRIORITIZATION.—With respect to
19 amounts appropriated to carry out this para-
20 graph on or after the date of the enactment of
21 this subparagraph, the Administrator shall, for
22 each such appropriation, in consultation with
23 the Secretary of the Treasury, determine
24 whether the projected aggregate demand for
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25 covered loans under this paragraph will likely
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1 exceed the amount appropriated to carry out
2 this paragraph and, if the Administrator so de-
3 termines, the Administrator and Secretary
4 shall, prior to the obligation of any such appro-
5 priated amounts, jointly develop a process to
6 prioritize providing guarantees for covered loans
7 with a principal amount of $300,000 or less
8 using such appropriated funds.’’.
Æ
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