3.0.0 7241 2022-02-08T23:16:53Z 2022-02-08T23:16:53Z House HR 2020-06-18 116 [Congressional Record Volume 166, Number 113 (Thursday, June 18, 2020)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Ms. CRAIG:H.R. 7241.Congress has the power to enact this legislation pursuantto the following:Article 1, Section 8 of the United States Constitution[Page H2406]]]> hssm00 Small Business Committee House Standing Referred to 2020-06-18T14:01:00Z P4 Ac 116 4014 S 2020-06-18 Read twice and referred to the Committee on Small Business and Entrepreneurship. Identical bill CRS 2020-06-18 Referred to the House Committee on Small Business. IntroReferral H11100 2 House floor actions hssm00 Small Business Committee 2020-06-18 Introduced in House IntroReferral Intro-H 9 Library of Congress 2020-06-18 Introduced in House IntroReferral 1000 9 Library of Congress C001119 Rep. Craig, Angie [D-MN-2] Angie Craig D MN 2 N D000630 Rep. Delgado, Antonio [D-NY-19] Antonio Delgado D NY 19 2020-06-18 True V000081 Rep. Velazquez, Nydia M. [D-NY-7] NYDIA VELAZQUEZ D NY M. 7 2020-06-24 False A000376 Rep. Allred, Colin Z. [D-TX-32] Colin Allred D TX Z. 32 2020-06-24 False P000616 Rep. Phillips, Dean [D-MN-3] Dean Phillips D MN 3 2020-06-25 False T000482 Rep. Trahan, Lori [D-MA-3] Lori Trahan D MA 3 2020-06-30 False S001206 Rep. Shalala, Donna E. [D-FL-27] Donna Shalala D FL E. 27 2020-06-30 False L000559 Rep. Langevin, James R. [D-RI-2] JAMES LANGEVIN D RI R. 2 2020-06-30 False A000378 Rep. Axne, Cynthia [D-IA-3] Cynthia Axne D IA 3 2020-07-16 False F000468 Rep. Fletcher, Lizzie [D-TX-7] Lizzie Fletcher D TX 7 2020-07-16 False D000197 Rep. DeGette, Diana [D-CO-1] DIANA DEGETTE D CO 1 2020-07-16 False S001201 Rep. Suozzi, Thomas R. [D-NY-3] Thomas Suozzi D NY R. 3 2020-07-16 False W000800 Rep. Welch, Peter [D-VT-At Large] Peter Welch D VT 0 2020-07-16 False M001188 Rep. Meng, Grace [D-NY-6] Grace Meng D NY 6 2020-07-30 False N000179 Rep. Napolitano, Grace F. [D-CA-32] GRACE NAPOLITANO D CA F. 32 2020-08-07 False P000614 Rep. Pappas, Chris [D-NH-1] Chris Pappas D NH 1 2020-08-07 False S001207 Rep. Sherrill, Mikie [D-NJ-11] Mikie Sherrill D NJ 11 2020-08-21 False F000467 Rep. Finkenauer, Abby [D-IA-1] Abby Finkenauer D IA 1 2020-09-24 False C001055 Rep. Case, Ed [D-HI-1] Ed Case D HI 1 2020-09-24 False S000510 Rep. Smith, Adam [D-WA-9] ADAM SMITH D WA 9 2020-09-24 False K000394 Rep. Kim, Andy [D-NJ-3] Andy Kim D NJ 3 2020-10-23 False Commerce Business expenses Cardiovascular and respiratory health Emergency medical services and trauma care Government information and archives Government lending and loan guarantees Infectious and parasitic diseases Minority and disadvantaged businesses Rural conditions and development Small business User charges and fees Veterans' education, employment, rehabilitation Veterans' loans, housing, homeless programs Wages and earnings Women in business Commerce 00 2020-06-18 Introduced in House 2020-07-16T13:24:35Z Prioritized Paycheck Protection Program Act or the P4 Act

This bill authorizes new lending under the Paycheck Protection Program, established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019), for specified small businesses that have experienced a significant loss in revenue.

Specifically, the bill authorizes one supplemental paycheck protection loan for a small business that (1) has no more than 100 employees, (2) operates under a sole proprietorship or as an independent contractor, or (3) is self-employed. To be eligible for a supplemental paycheck protection loan, such small business must demonstrate a loss of revenue of 50% or more and have either already expended an initial paycheck protection loan or be on pace to exhaust such loan prior to disbursal of the supplemental loan.

The bill also extends the application deadline for an initial paycheck protection loan to December 31, 2020, and it authorizes loan recipients to apply for forgiveness as early as eight weeks after the loan's disbursal.

The Small Business Administration must (1) issue guidance instructing lenders of paycheck protection loans to prioritize loan processing for and disbursement to underserved businesses, (2) update the loan application for paycheck protection loans to collect borrowers' demographic information, and (3) publish specified program information on its website.

]]> P4 Act Display Title P4 Act Official Title as Introduced To provide for supplemental loans under the Paycheck Protection Program. Introduced in House IH Short Title(s) as Introduced P4 Act Introduced in House IH Short Title(s) as Introduced Prioritized Paycheck Protection Program Act Introduced in House IH Introduced in House 2020-06-18T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116hr7241ih/xml/BILLS-116hr7241ih.xml 2020-06-18 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.