3.0.0 6758 2023-01-11T13:42:59Z 2023-01-11T13:42:59Z House HR 2020-05-08 116 [Congressional Record Volume 166, Number 87 (Friday, May 8, 2020)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Ms. GARCIA of Texas:H.R. 6758.Congress has the power to enact this legislation pursuantto the following:Article 1, Section 8, Clause 3[Page H1986]]]> hssm00 Small Business Committee House Standing Referred to 2020-05-08T14:05:25Z 2020-05-08 Referred to the House Committee on Small Business. IntroReferral H11100 2 House floor actions hssm00 Small Business Committee 2020-05-08 Introduced in House IntroReferral Intro-H 9 Library of Congress 2020-05-08 Introduced in House IntroReferral 1000 9 Library of Congress G000587 Rep. Garcia, Sylvia R. [D-TX-29] Sylvia Garcia D TX R. 29 N Commerce Appropriations Bank accounts, deposits, capital Business expenses Cardiovascular and respiratory health Credit and credit markets Emergency medical services and trauma care Government information and archives Government lending and loan guarantees Housing and community development funding Infectious and parasitic diseases Minority and disadvantaged businesses Small business Wages and earnings Commerce 00 2020-05-08 Introduced in House 2020-06-03T19:31:29Z This bill requires that specified amounts be set aside from funds appropriated to carry out the Paycheck Protection Program, established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019), and it establishes requirements for processing program loan applications.

The bill requires that $1 billion of program funds not otherwise obligated or expended be set aside for loan guarantees made by minority depository institutions and community development financial institutions.

Further, for any future appropriations to carry out the program, the bill revises the amounts that the Small Business Administration (SBA) must set aside to provide for the cost of guaranteed paycheck protection loans made by certain lenders.

The SBA and the Department of the Treasury must, no less than twice weekly, provide separate eight-hour periods during which they shall process (1) loan applications compiled by lenders with consolidated assets of less than $1 million, and (2) loan applications for less than $200,000 from a recipient that has 20 or fewer employees.

The SBA and Treasury must report on funds made available to lenders and community development financial institutions to carry out the Paycheck Protection Program and the total consolidated assets of each lender. For future appropriations to carry out the program, the SBA and Treasury must report (1) daily on the amount of funds not yet obligated or expended, and (2) weekly on the amount of funds made available to lenders and community development financial institutions and the total consolidated assets of each lender.

]]> To establish requirements for funds appropriated to carry out the paycheck protection program, to require reporting on the use of such funds, and for other purposes. Display Title To establish requirements for funds appropriated to carry out the paycheck protection program, to require reporting on the use of such funds, and for other purposes. Official Title as Introduced To establish requirements for funds appropriated to carry out the paycheck protection program, to require reporting on the use of such funds, and for other purposes. Introduced in House IH Introduced in House 2020-05-08T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116hr6758ih/xml/BILLS-116hr6758ih.xml 2020-05-08 Referred to the House Committee on Small Business. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.