S. 815, PPP Extension Act of 2021
Summary
S. 815, the PPP Extension Act of 2021, was introduced in the Senate in 2021 by Mr. Rubio (for himself and other named members) and referred to the Committee on Small Business and Entrepreneurship. It is a bill to amend the Small Business Act and the CARES Act to extend the covered period for the paycheck protection program. Section 2 amends section 7(a)(36)(A)(iii) of the Small Business Act by striking March 31, 2021 and inserting June 30, 2021. From June 1, 2021, through June 30, 2021, the Administrator of the Small Business Administration shall not accept new lender applications for loans under paragraph (36) or (37) of section 7(a).
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Cite this document
“S. 815, PPP Extension Act of 2021.”
Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/bills-bills-117s815is-bills-117s815is/
, SHA-256 ae2ccb468c1796cafffa02102f5adeac6c4cc712f901683940df739f39fa1ec8.Full text
II
117TH CONGRESS
1ST SESSION
S. 815
To amend the Small Business Act and the CARES Act to extend the covered
period for the paycheck protection program, and for other purposes.
IN THE SENATE OF THE UNITED STATES
MARCH 17 (legislative day, MARCH 16), 2021
Mr. RUBIO (for himself, Ms. COLLINS, Mr. CRAMER, Mr. RISCH, Mr. BRAUN,
Mr. CRAPO, Mr. BARRASSO, Mr. LANKFORD, Mrs. CAPITO, Mrs. HYDE-
SMITH, Mr. SCOTT of South Carolina, Mr. ROUNDS, and Mr. HAWLEY)
introduced the following bill; which was read twice and referred to the
Committee on Small Business and Entrepreneurship
A BILL
To amend the Small Business Act and the CARES Act
to extend the covered period 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 ‘‘PPP Extension Act
5 of 2021’’.
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1 SEC. 2. EXTENSION OF COVERED PERIOD FOR PAYCHECK
2 PROTECTION PROGRAM.
3 (a) IN GENERAL.—Section 7(a)(36)(A)(iii) of the
4 Small Business Act (15 U.S.C. 636(a)(36)(A)(iii)) is
5 amended by striking ‘‘March 31, 2021’’ and inserting
6 ‘‘June 30, 2021’’.
7 (b) FUNDING.—Section 1102(b)(1) of the CARES
8 Act (Public Law 116–136), as amended by section 323
9 of the Economic Aid to Hard-Hit Small Businesses, Non-
10 profits, and Venues Act (title III of division N of Public
11 Law 116–260), is amended by striking ‘‘March 31, 2021’’
12 and inserting ‘‘June 30, 2021’’.
13 (c) RESTRICTIONS.—
14 (1) PROCESSING.—From June 1, 2021,
15 through June 30, 2021, the Administrator of the
16 Small Business Administration shall not accept new
17 lender applications for loans under paragraph (36)
18 or (37) of section 7(a) of the Small Business Act
19 (15 U.S.C. 636(a)) and shall only process such lend-
20 er applications that have been submitted to the Ad-
21 ministrator before June 1, 2021.
22 (2) LIMITATION ON PRIORITIZATION.—During
23 the period beginning on the date of enactment of
24 this Act and ending on the last day of the covered
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25 period, as defined in section 7(a)(36)(A)(iii) of the
26 Small Business Act (15 U.S.C. 636(a)(36)(A)(iii)),
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1 as amended by this Act, the Administrator of the
2 Small Business Administration may not establish or
3 enforce any priority for processing lender applica-
4 tions under paragraph (36) or (37) of section 7(a)
5 of the Small Business Act (15 U.S.C. 636(a)), ex-
6 cept for any priority reasonably necessary to carry
7 out the set-asides established under section 323(d)
8 of the Economic Aid to Hard-Hit Small Businesses,
9 Nonprofits, and Venues Act (title III of division N
10 of Public Law 116–260).
Æ
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