S. 4125 (116th Congress) — To extend the paycheck protection program and to provide supplemental loans
Summary
S. 4125, the Paycheck Protection Program Extension and Modification Act of 2020, was introduced July 1, 2020 by Mr. Gardner and referred to the Committee on Small Business and Entrepreneurship. It is a bill to extend the paycheck protection program and to provide supplemental loans to recipients of paycheck protection program loans. Section 2 amends section 1102(b) of the CARES Act by striking “June 30, 2020” and inserting “December 31, 2020”. Section 3 lets an eligible recipient of a covered loan apply for an additional loan in an amount equal to the covered loan.
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“S. 4125 (116th Congress) — To extend the paycheck protection program and to provide supplemental loans.”
Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/bills-bills-116s4125is-bills-116s4125is/
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II
116TH CONGRESS
2D SESSION
S. 4125
To extend the paycheck protection program and to provide supplemental
loans to recipients of loans under the paycheck protection program,
and for other purposes.
IN THE SENATE OF THE UNITED STATES
JULY 1, 2020
Mr. GARDNER introduced the following bill; which was read twice and referred
to the Committee on Small Business and Entrepreneurship
A BILL
To extend the paycheck protection program and to provide
supplemental loans to recipients of loans under the pay-
check 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 ‘‘Paycheck Protection
5 Program Extension and Modification Act of 2020’’.
6 SEC. 2. EXTENDING AUTHORITY FOR COMMITMENTS FOR
7 THE PAYCHECK PROTECTION PROGRAM.
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8 Section 1102(b) of title I of division A of the
9 Coronavirus Aid, Relief, and Economic Security Act (Pub-
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2
1 lic Law 116–136) is amended, in the matter preceding
2 paragraph (1), by striking ‘‘June 30, 2020’’ and inserting
3 ‘‘December 31, 2020’’.
4 SEC. 3. ADDITIONAL PPP LOANS.
5 Section 7(a)(36) of the Small Business Act (15
6 U.S.C. 636(a)(36)) is amended by adding at the end the
7 following:
8 ‘‘(T) ADDITIONAL LOANS.—An eligible re-
9 cipient of a covered loan before the date of en-
10 actment of the Paycheck Protection Program
11 Extension and Modification Act of 2020 may
12 apply for and receive an additional loan in an
13 amount equal to the covered loan, which shall
14 be—
15 ‘‘(i) used for allowable expenses in ac-
16 cordance with subparagraph (F);
17 ‘‘(ii) guaranteed under this paragraph
18 in the same manner as a covered loan; and
19 ‘‘(iii) eligible for loan forgiveness in
20 the same manner as a covered loan under
21 section 1106 of the CARES Act (15
22 U.S.C. 9005).’’.
Æ
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