A bill to appropriate additional amounts to provide loans under the paycheck protection program to community development financial institutions and minority depository institutions, and for other purposes. 2020-05-12 Introduced in Senate This bill modifies and provides additional funding for the Paycheck Protection Program established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019).

Specifically, the bill provides an additional $10 billion to guarantee paycheck protection loans, $7.5 billion of which shall be for small loans made by community development financial institutions or minority depository institutions.

The bill also

  • establishes a grant program to provide assistance to community development financial institutions and minority depository institutions that primarily make small paycheck protection loans;
  • provides additional funding for the Community Development Financial Institutions Fund and prioritizes support for minority-led community development financial institutions or community development financial institutions that serve communities of color;
  • authorizes community development financial institutions that are certified by the fund to make and approve paycheck protection loans;
  • extends the deadline to apply for a paycheck protection loan;
  • allows recipients up to 24 weeks to use their paycheck protection loan;
    • and
  • extends the deadline by which a paycheck protection loan recipient must eliminate a reduction in employment, salary, or wages to be eligible for loan forgiveness.
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