Congressional Record, Volume 167, Number 54 (Tuesday, March 23, 2021) — Senate, Page S1714

Summary

Senate page S1714 of the Congressional Record for Tuesday, March 23, 2021 prints amendment SA 1401, submitted by Kennedy to the bill extending the covered period for the paycheck protection program and ordered to lie on the table. It would bar Paycheck Protection Program loans and second draw loans for applicants convicted of a felony in relation to a riot or civil disorder. An applicant would be ineligible if an owner of 20 percent or more of its equity had been so convicted during the 2-year period before the application. The bar would apply to applications submitted on or after enactment.

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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]

  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.

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