Continuing Small Business Recovery and Paycheck Protection Program Act
Latest action. Read twice and referred to the Committee on Small Business and Entrepreneurship.
Continuing Small Business Recovery and Paycheck Protection Program Act
This bill establishes funding for, expands, and provides additional economic assistance to small businesses in response to COVID-19 (i.e., coronavirus disease 2019).
Specifically, the Small Business Administration (SBA) is authorized to provide second draw loans of up to $2 million under the Paycheck Protection Program. A recipient shall be eligible for forgiveness of a second draw loan in the same manner as an initial paycheck protection loan.
The SBA may also provide loans of up to $10 million to recovery sector small businesses (e.g., certain seasonal businesses and businesses located in low-income census tracts) to meet working capital needs, acquire fixed assets, or refinance existing indebtedness while recovering from the COVID-19 pandemic. Among other requirements, a loan recipient must demonstrate at least a 50% reduction in gross revenues.
Further the bill modifies the Paycheck Protection Program by, among other things, (1) expanding forgivable expenses, (2) allowing borrowers to select an eight-week period through December 31, 2020, to use their paycheck protection loan, (3) simplifying the forgiveness application for smaller loans, (4) expanding eligibility to certain chambers of commerce and destination marketing organizations, and (5) establishing a specific loan calculation for farmers and ranchers.
Lastly, the SBA must establish and carry out a facility to improve the recovery of eligible small businesses from the COVID-19 pandemic, increase resiliency in the manufacturing supply chain of small businesses, and increase economic development of small business low-income census tracts by providing financial assistance to participating investment companies that facilitate equity financing to eligible small businesses.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in Senate" stage on July 27, 2020. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on July 27, 2020: Read twice and referred to the Committee on Small Business and Entrepreneurship.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the Senate
- Passage by the House
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 116th Congress (2019-20), 344 of the 14,345 bills and joint resolutions introduced became law, about 2.4 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
Marco Rubio (R-FL) introduced it on July 27, 2020, and 1 member has since signed on as a cosponsor.
They are 1 Republican.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on July 27, 2020, 2236 days ago. The most recent recorded action was 2236 days ago, on July 27, 2020.
Measures do not carry over. Anything the 116th Congress has not finished by January 3, 2021 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- SenateIn committee, no floor vote yet
- HouseAwaits Senate passage
- PresidentAwaits both chambers