H. R. 6960, MOM-AND-POP Act — Reserve Amounts Appropriated under the Paycheck Protection Program for Small Entities (116th Congress)
Summary
H. R. 6960, the MOM-AND-POP Act, was introduced in the House of Representatives on May 22, 2020, by Bilirakis with Blunt Rochester and referred to the Committee on Small Business. It requires the Administrator of the Small Business Administration to reserve amounts appropriated under the paycheck protection program for small entities. Section 2 sets a set aside of not less than 25 percent for covered loans with a principal amount of $150,000 or less made to a small entity. The waiver of affiliation rules would not apply to a small entity that receives a covered loan because of the set aside.
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“H. R. 6960, MOM-AND-POP Act — Reserve Amounts Appropriated under the Paycheck Protection Program for Small Entities (116th Congress).”
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I
116TH CONGRESS
2D SESSION
H. R. 6960
To require the Administrator of the Small Business Administration reserve
amounts appropriated under the paycheck protection program for small
entities, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
MAY 22, 2020
Mr. BILIRAKIS (for himself and Ms. BLUNT ROCHESTER) introduced the
following bill; which was referred to the Committee on Small Business
A BILL
To require the Administrator of the Small Business Adminis-
tration reserve amounts appropriated under the paycheck
protection program for small entities, and for other pur-
poses.
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 ‘‘Maximizing Our
5 Money and Addressing Novel Disasters by Protecting Our
6 Proprietors Act’’ or the ‘‘MOM-AND-POP Act’’.
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1 SEC. 2. RESERVATION OF ASSISTANCE FOR SMALL ENTI-
2 TIES.
3 (a) SET ASIDE.—Of amounts appropriated to carry
4 out section 7(a)(36) of the Small Business Act (15 U.S.C.
5 636(a)(36)), the Administrator of the Small Business Ad-
6 ministration shall provide for the cost to guarantee cov-
7 ered loans made under this paragraph a set aside of not
8 less than 25 percent for covered loans with a principal
9 amount of $150,000 or less made to a small entity.
10 (b) WAIVER OF AFFILIATION RULES.—The waiver of
11 affiliation rules under section 7(a)(36)(D)(iv) of the Small
12 Business Act (15 U.S.C. 636(a)(36)(D)(iv)) shall not
13 apply to a small entity that receives a covered loan because
14 of a set aside under subsection (a).
15 (c) MAJOR DISASTERS.—For any loan program cre-
16 ated after the date of the enactment of this Act by the
17 Administrator in direct response to a major disaster, as
18 determined by the President under the Robert T. Stafford
19 Disaster Relief and Emergency Assistance Act (42 U.S.C.
20 5121 et seq.), the Administrator shall consider imple-
21 menting a set aside similar to that described under sub-
22 section (a) for such loan program.
23 (d) DEFINITIONS.—In this Act:
24 (1) SMALL ENTITY.—The term ‘‘small entity’’
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25 means—
•HR 6960 IH
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1 (A) a business concern, nonprofit organiza-
2 tion, veterans organization, or Tribal business
3 concern with not more than 25 employees; or
4 (B) a sole proprietor, independent con-
5 tractor, or eligible self-employed individual (as
6 such terms are under section 7(a)(36) of the
7 Small Business Act (15 U.S.C. 636(a)(36))).
8 (2) EMPLOYEE.—The term ‘‘employee’’ includes
9 individuals employed on a full-time, part-time, or
10 other basis.
Æ
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