Congressional Record, Senate (March 23, 2021): Text of amendments, SA 1401, Mr. Kennedy's amendment to H.R. 1799

Summary

Senate amendment SA 1401, submitted by Mr. Kennedy and printed under Text of Amendments in the Congressional Record, Volume 167, Number 54, for Tuesday, March 23, 2021, at Page S1714. It was intended to be proposed to H.R. 1799, a bill to amend the Small Business Act and the CARES Act to extend the covered period for the paycheck protection program, and was ordered to lie on the table. It would amend paragraphs (36) and (37) of Section 7(a) of the Small Business Act, 15 U.S.C. 636(a), so that an applicant is not eligible for a Paycheck Protection Program loan or second draw loan if an owner of 20 percent or more of its equity has, as of the date of the application, been convicted of a felony in relation to a riot or civil disorder during the 2-year period preceding the application. It would apply to applications submitted on or after enactment.

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

Full text

[Congressional Record Volume 167, Number 54 (Tuesday, March 23, 2021)]
[Senate]
[Page S1714]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

                           TEXT OF AMENDMENTS

  SA 1401. Mr. KENNEDY submitted an amendment intended to be proposed
by him to the bill H.R. 1799, to amend the Small Business Act and the
CARES Act to extend the covered period for the paycheck protection
program, and for other purposes; which was ordered to lie on the table;
as follows:

       At the appropriate place, insert the following:

     SEC. __. PROHIBITION ON PAYCHECK PROTECTION PROGRAM LOANS AND
                   SECOND DRAW LOANS FOR APPLICANTS CONVICTED OF A
                   FELONY IN RELATION TO A RIOT OR CIVIL DISORDER.

       (a) In General.--Section 7(a) of the Small Business Act (15
     U.S.C. 636(a)) is amended--
       (1) in paragraph (36), by adding at the end the following:
       ``(W) Prohibition.--An applicant is not eligible to receive
     a covered loan if an owner of 20 percent or more of the
     equity of the applicant has, as of the date of the
     application, been convicted of a felony in relation to a riot
     or civil disorder during the 2-year period preceding the date
     of the application.''; and
       (2) in paragraph (37), by adding at the end the following:
       ``(P) Prohibition.--An applicant is not eligible to receive
     a covered loan if an owner of 20 percent or more of the
     equity of the applicant has, as of the date of the
     application, been convicted of a felony in relation to a riot
     or civil disorder during the 2-year period preceding the date
     of the application.''.
       (b) Applicability.--The amendments made by subsection (a)
     shall apply with respect to an application for a loan under
     paragraph (36) or (37) of section 7(a) of the Small Business
     Act (15 U.S.C. 636(a)(36)) that is submitted on or after the
     date of enactment of this Act.

                          ____________________

File and source

File

CREC_crec-2021-03-23_crec-2021-03-23-pt1-pgs1714-2.htm

Size

2,255 bytes

SHA-256

f2f1f740e177cc93d30504ae01960fdce6a3d397773577fc94f8d480a819da1c

Our copy

CREC_crec-2021-03-23_crec-2021-03-23-pt1-pgs1714-2.htm

Original

www.govinfo.gov