H. R. 7437, 116th Congress — To Extend the Authority for Commitments for the Paycheck Protection Program
Summary
House bill 7437 of the 116th Congress, 2D Session, is a bill to extend the authority for commitments for the paycheck protection program and separate amounts authorized for other loans under section 7(a) of the Small Business Act, and for other purposes. Craig introduced it on July 1, 2020 with Balderson, and it was referred to the Committee on Small Business. It amends section 1102(b) of the Coronavirus Aid, Relief, and Economic Security Act to provide that, during a period beginning on February 15, 2020, the amount authorized for commitments for PPP loans shall be $659,000,000,000. A separate paragraph covers commitments under section 7(a) other than the paycheck protection program.
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“H. R. 7437, 116th Congress — To Extend the Authority for Commitments for the Paycheck Protection Program.”
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I
116TH CONGRESS
2D SESSION
H. R. 7437
To extend the authority for commitments for the paycheck protection program
and separate amounts authorized for other loans under section 7(a)
of the Small Business Act, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
JULY 1, 2020
Ms. CRAIG (for herself and Mr. BALDERSON) introduced the following bill;
which was referred to the Committee on Small Business
A BILL
To extend the authority for commitments for the paycheck
protection program and separate amounts authorized for
other loans under section 7(a) of the Small Business
Act, 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,
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1 SECTION 1. EXTENDING AUTHORITY FOR COMMITMENTS
2 FOR THE PAYCHECK PROTECTION PROGRAM
3 AND SEPARATING AMOUNTS AUTHORIZED
4 FOR OTHER 7(a) LOANS.
5 Section 1102(b) of title I of division A of the
6 Coronavirus Aid, Relief, and Economic Security Act (Pub-
7 lic Law 116–136) is amended to read as follows:
8 ‘‘(b) COMMITMENTS FOR PPP AND OTHER 7(a)
9 LOANS.—
10 ‘‘(1) PPP LOANS.—During the period begin-
11 ning on February 15, 2020 and ending on August
12 8, 2020, the amount authorized for commitments
13 under paragraph (36) of section 7(a) of the Small
14 Business Act (15 U.S.C. 636(a)) shall be
15 $659,000,000,000.
16 ‘‘(2) OTHER 7(a) LOANS.—During fiscal year
17 2020, the amount authorized for commitments for
18 section 7(a) of the Small Business Act (15 U.S.C.
19 636(a)) under the heading ‘BUSINESS LOANS PRO-
20 GRAM ACCOUNT’ under the heading ‘SMALL BUSI-
21 NESS ADMINISTRATION’ under title V of the Consoli-
22 dated Appropriations Act, 2020 (Public Law 116–
23 93; 133 Stat. 2475) shall apply with respect to any
24 commitments under such section 7(a) other than
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25 under paragraph (36) of such section 7(a).’’.
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