S. 1690, Keeping Our Promise to Small Businesses Act
Summary
S. 1690, the Keeping Our Promise to Small Businesses Act, is a bill introduced in the Senate on May 18, 2021 by Ms. Rosen and referred to the Committee on Appropriations. Its stated purpose is to provide direct appropriations for processing applications for the paycheck protection program. Section 2 appropriates such sums as may be necessary for the cost of processing applications for loans under paragraph (36) or (37) of section 7(a) of the Small Business Act that were submitted on or before May 4, 2021. It also appropriates $5,000,000,000, for the cost of guaranteed loans to eligible entities that submit an application on or before May 31, 2021 and have not more than 100 employees, among other conditions.
Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used
- Issuer
- Congressional materials
- Document type
- Bills Bills 117S1690Is Bills 117S1690Is
- Case
- Bills Bills 117S1690Is Bills 117S1690Is
Cite this document
“S. 1690, Keeping Our Promise to Small Businesses Act.”
Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/bills-bills-117s1690is-bills-117s1690is/
, SHA-256 7de9ecb09f492a3e24f432dd759528abfb8f67088b374cf4da4f9dc0bf9867aa.Full text
II
117TH CONGRESS
1ST SESSION
S. 1690
To provide direct appropriations for processing applications for the paycheck
protection program, and for other purposes.
IN THE SENATE OF THE UNITED STATES
MAY 18, 2021
Ms. ROSEN introduced the following bill; which was read twice and referred
to the Committee on Appropriations
A BILL
To provide direct appropriations for processing applications
for 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 ‘‘Keeping Our Promise
5 to Small Businesses Act’’.
6 SEC. 2. APPROPRIATIONS FOR PAYCHECK PROTECTION
7 PROGRAM.
8 (a) APPROPRIATIONS.—There is appropriated, out of
9 amounts in the Treasury not otherwise appropriated, to
pbinns on DSKJLVW7X2PROD with BILLS
10 remain available until expended, for additional amounts—
VerDate Sep 11 2014 04:01 Jun 03, 2021 Jkt 019200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S1690.IS S1690
2
1 (1) such sums as may be necessary under the
2 heading ‘‘Small Business Administration—Business
3 Loans Program Account, CARES Act’’ for the cost
4 of processing applications for loans under paragraph
5 (36) or (37) of section 7(a) of the Small Business
6 Act (15 U.S.C. 636(a)) that were submitted on or
7 before May 4, 2021; and
8 (2) $5,000,000,000 under the heading ‘‘Small
9 Business Administration—Business Loans Program
10 Account, CARES Act’’ for the cost of guaranteed
11 loans under paragraph (36) or (37) of section 7(a)
12 of the Small Business Act (15 U.S.C. 636(a)) pro-
13 vided to eligible entities that—
14 (A) submit an application for such a loan
15 on or before May 31, 2021;
16 (B) have not more than 100 employees;
17 and
18 (C) are located in a State that, as of
19 March 1, 2021, had an unemployment rate of
20 not less than 6 percent.
21 (b) PREFERENCE.—In guaranteeing loans using
22 amounts appropriated under subsection (a)(2), the Admin-
23 istrator of the Small Business Administration shall give
pbinns on DSKJLVW7X2PROD with BILLS •S 1690 IS
VerDate Sep 11 2014 04:01 Jun 03, 2021 Jkt 019200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\S1690.IS S1690
3
1 a preference to eligible entities that are women-, minority-
2 , or veteran-owned.
Æ
pbinns on DSKJLVW7X2PROD with BILLS •S 1690 IS
VerDate Sep 11 2014 04:01 Jun 03, 2021 Jkt 019200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6301 E:\BILLS\S1690.IS S1690
File and source
- File
- BILLS_bills-117s1690is_bills-117s1690is.pdf
- Size
- 230,262 bytes
- SHA-256
- 7de9ecb09f492a3e24f432dd759528abfb8f67088b374cf4da4f9dc0bf9867aa
- Original
- www.govinfo.gov