To modify requirements relating to the participation of community development financial institutions in the paycheck protection program of the Small Business Administration, and for other purposes.

2020-05-15

Introduced in House

This bill authorizes community development financial institutions to make loans under the Paycheck Protection Program established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019).

The bill also allows the Small Business Administration and the Department of the Treasury to revoke a lender's authority to make paycheck protection loans upon a joint determination that (1) the lender has had recent material operational shortcomings that warrant such a revocation, and (2) the revocation is consistent with the purpose of the program.

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