[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6755 Introduced in House (IH)]

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116th CONGRESS
  2d Session
                                H. R. 6755

   To amend the Small Business Act to revise requirements under the 
          paycheck protection program, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 8, 2020

  Mr. Foster introduced the following bill; which was referred to the 
                      Committee on Small Business

_______________________________________________________________________

                                 A BILL


 
   To amend the Small Business Act to revise requirements under the 
          paycheck protection program, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``PPP Small Business Support Act''.

SEC. 2. AMENDMENTS TO THE PAYCHECK PROTECTION PROGRAM.

    Section 7(a)(36) of the Small Business Act (15 U.S.C. 636(a)(36)), 
as amended by subsection (b)(2), is further amended--
            (1) in subparagraph (P)--
                    (A) by amending clause (i) to read as follows:
                            ``(i) In general.--The Administrator shall 
                        reimburse a lender authorized to make a covered 
                        loan as follows:
                                    ``(I) For each covered loan made by 
                                the lender, $1,000.
                                    ``(II) In addition to the amount in 
                                subclause (I), an amount based on the 
                                balance of the financing outstanding at 
                                the time of disbursement of the covered 
                                loan, equal to--
                                            ``(aa) 10 percent of the 
                                        amount of such balance that 
                                        does not exceed $100,000, plus
                                            ``(bb) 3 percent of the 
                                        amount of such balance that 
                                        exceeds $100,000 but does not 
                                        exceed $1,000,000, plus
                                            ``(cc) 0.2 percent of the 
                                        amount of such balance that 
                                        exceeds $1,000,000.'';
                    (B) by redesignating clauses (ii) through (iv) as 
                clauses (iii) through (v), respectively; and
                    (C) by inserting after clause (i) the following new 
                clause:
                            ``(ii) Small lenders.--In addition to 
                        reimbursement received under clause (i), the 
                        Administrator shall reimburse a lender with 
                        consolidated assets of less than 
                        $50,000,000,000 that is authorized to make a 
                        covered loan $250 for each covered loan made to 
                        an eligible recipient, if such eligible 
                        recipient was not a customer of such lender 
                        before applying for assistance under this 
                        paragraph.''; and
            (2) by adding at the end the following new subparagraph:
                    ``(X) Prioritization.--With respect to amounts 
                appropriated to carry out this paragraph on or after 
                the date of the enactment of this subparagraph, the 
                Administrator shall, for each such appropriation, in 
                consultation with the Secretary of the Treasury, 
                determine whether the projected aggregate demand for 
                covered loans under this paragraph will likely exceed 
                the amount appropriated to carry out this paragraph 
                and, if the Administrator so determines, the 
                Administrator and Secretary shall, prior to the 
                obligation of any such appropriated amounts, jointly 
                develop a process to prioritize providing guarantees 
                for covered loans with a principal amount of $300,000 
                or less using such appropriated funds.''.
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