H.R. 6893, More PPP Act
Summary
H. R. 6893, the More PPP Act, was introduced in the House of Representatives on May 15, 2020, by Beatty with Green of Texas and referred to the Committee on Small Business. It amends the CARES Act and the Small Business Act to make adjustments to the paycheck protection program, including an additional appropriation of $571,335,000,000 for the cost of guaranteed loans. It directs the Administrator to guarantee not less than $200,000,000,000 in loans to business concerns and nonprofit organizations with 25 or fewer employees, sole proprietors, independent contractors, and self-employed individuals. It also adds a lender prohibition on discrimination and requires a report on demographic data of loan recipients.
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Cite this document
“H.R. 6893, More PPP Act.”
Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/bills-bills-116hr6893ih-bills-116hr6893ih/
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I
116TH CONGRESS
2D SESSION
H. R. 6893
To amend the CARES Act and the Small Business Act to make certain
adjustments to the paycheck protection program, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
MAY 15, 2020
Mrs. BEATTY (for herself and Mr. GREEN of Texas) introduced the following
bill; which was referred to the Committee on Small Business
A BILL
To amend the CARES Act and the Small Business Act
to make certain adjustments to 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 ‘‘Making Opportunities
5 a Reality for Entrepreneurs Paycheck Protection Pro-
6 gram’’ or the ‘‘More PPP Act’’.
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1 SEC. 2. AMENDMENTS TO PAYCHECK PROTECTION PRO-
2 GRAM.
3 (a) INCREASED AUTHORITY FOR COMMITMENTS AND
4 APPROPRIATIONS FOR PAYCHECK PROTECTION PRO-
5 GRAM.—
6 (1) The CARES Act (Public Law 116–136) is
7 amended in section 1102(b)(1) by striking
8 ‘‘$349,000,000,000’’ and inserting
9 ‘‘909,000,000,000’’.
10 (2) In addition to amounts otherwise made
11 available by any other Act (including section
12 1107(a)(1) of the CARES Act (Public Law 116–
13 136)) for such purpose, there is appropriated for an
14 additional amount under the heading ‘‘Small Busi-
15 ness Administration—Business Loans Program Ac-
16 count, CARES Act’’ for the cost of guaranteed loans
17 as authorized under paragraph (36) of section 7(a)
18 of the Small Business Act (15 U.S.C. 636(a)),
19 $571,335,000,000, to remain available until Sep-
20 tember 30, 2021.
21 (b) SET ASIDE FOR SMALLEST BUSINESSES.—Sec-
22 tion 7(a)(36) of the Small Business Act (15 U.S.C.
23 636(a)(36)) is amended by adding at the end the fol-
24 lowing:
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25 ‘‘(T) SET-ASIDE FOR SMALLEST BUSI-
26 NESSES, NONPROFIT ORGANIZATIONS, SOLE
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1 PROPRIETORS, INDEPENDENT CONTRACTORS,
2 AND SELF-EMPLOYED INDIVIDUALS.—
3 ‘‘(i) IN GENERAL.—In making loan
4 guarantees under this paragraph after the
5 date of enactment of this clause, the Ad-
6 ministrator shall guarantee not less than
7 $200,000,000,000 in loans made to—
8 ‘‘(I) business concerns with 25 or
9 fewer employees;
10 ‘‘(II) nonprofit organizations
11 with 25 or fewer employees;
12 ‘‘(III) sole proprietors;
13 ‘‘(IV) independent contractors;
14 and
15 ‘‘(V) self-employed individuals.
16 ‘‘(ii) EMPLOYEE.—For the purposes
17 of clause (i), the term employee includes
18 individuals employed on a full-time, part-
19 time, or other basis.’’.
20 (c) CLARIFY ELIGIBLE COMPANIES.—Section
21 7(a)(36)(D) of the Small Business Act (16 U.S.C.
22 636(a)(36)) is amended by adding at the end the fol-
23 lowing:
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24 ‘‘(vii) INELIGIBLE BUSINESS.—Any
25 business that is an ‘issuer’ as such term is
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1 defined in section 2 of the Securities Act
2 of 1933 (15 U.S.C. 77b) shall not be con-
3 sidered an eligible recipient under this pro-
4 gram.’’.
5 (d) ADDITIONAL BORROWER CERTIFICATION.—Sec-
6 tion 7(a)(36)(G)(i) of the Small Business Act (15 U.S.C.
7 636(a)(36)(G)(i)) is amended—
8 (1) in subclause (III), by striking ‘‘and’’ at the
9 end;
10 (2) in subclause (IV), by striking the period at
11 the end and inserting ‘‘; and’’; and
12 (3) by adding at the end the following:
13 ‘‘(V) that the eligible recipient
14 experienced 20 percent or more in re-
15 duced revenue, as determined by the
16 Administrator.’’.
17 (e) LENDER PROHIBITION.—Section 7(a)(36)(F)(ii)
18 of the Small Business Act (15 U.S.C. 636(a)(36)(F)(ii))
19 is amended by adding at the end the following:
20 ‘‘(III) PROHIBITIONS.—It shall
21 be unlawful for any lender to—
22 ‘‘(aa) discriminate against
23 any eligible recipient, with re-
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24 spect to any aspect of a credit
25 transaction on the basis of race,
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1 color, religion, national origin,
2 sex, marital status, or age (pro-
3 vided the applicant has the ca-
4 pacity to contract); or
5 ‘‘(bb) give preferential treat-
6 ment to any eligible recipient as
7 defined by the Administrator.’’.
8 (f) DATA COLLECTION.—Section 7(a)(36) of the
9 Small Business Act (15 U.S.C. 636(a)(36)) is amended
10 by adding at the end the following:
11 ‘‘(U) Not later than 1 month after the
12 date of enactment of this subparagraph, the
13 Administrator shall submit to the appropriate
14 Committees of Congress a report concerning the
15 demographic data of loan recipients under this
16 section, including—
17 ‘‘(i) race;
18 ‘‘(ii) gender; and
19 ‘‘(iii) ethnicity.’’.
Æ
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