Plain English summary not yet available
The full original text is available below. Check back soon as we process this bill.
II
117TH CONGRESS
1ST SESSION
S. 723
To amend the Small Business Act and the CARES Act to extend the covered
period for the paycheck protection program, and for other purposes.
IN THE SENATE OF THE UNITED STATES
MARCH 11, 2021
Ms. COLLINS (for herself, Mr. CARDIN, and Mrs. SHAHEEN) introduced the
following bill; which was read twice and referred to the Committee on
Small Business and Entrepreneurship
A BILL
To amend the Small Business Act and the CARES Act
to extend the covered period for the paycheck protection
program, and for other purposes.
Be it enacted by the Senate and House of Representa-
1
tives of the United States of America in Congress assembled,
2
SECTION 1. SHORT TITLE.
3
This Act may be cited as the ‘‘PPP Extension Act
4
of 2021’’.
5
SEC. 2. EXTENSION OF COVERED PERIOD FOR PAYCHECK
6
PROTECTION PROGRAM.
7
(a) IN GENERAL.—Section 7(a)(36)(A)(iii) of the
8
Small Business Act (15 U.S.C. 636(a)(36)(A)(iii)) is
9
VerDate Sep 11 2014
00:34 Apr 03, 2021
Jkt 019200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6201
E:\BILLS\S723.IS
S723
pbinns on DSKJLVW7X2PROD with BILLS
2
•S 723 IS
amended by striking ‘‘March 31, 2021’’ and inserting
1
‘‘June 30, 2021’’.
2
(b) FUNDING.—Section 1102(b)(1) of the CARES
3
Act (Public Law 116–136), as amended by section 323
4
of the Economic Aid to Hard-Hit Small Businesses, Non-
5
profits, and Venues Act (title III of division N of Public
6
Law 116–260), is amended by striking ‘‘March 31, 2021’’
7
and inserting ‘‘June 30, 2021’’.
8
(c) RESTRICTION.—From June 1, 2021, through
9
June 30, 2021, the Administrator of the Small Business
10
Administration shall not accept new lender applications
11
for loans under paragraph (36) or (37) of section 7(a)
12
of the Small Business Act (15 U.S.C. 636(a)) and shall
13
only process such lender applications that have been sub-
14
mitted to the Administrator before June 1, 2021.
15
Æ
VerDate Sep 11 2014
00:34 Apr 03, 2021
Jkt 019200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6301
E:\BILLS\S723.IS
S723
pbinns on DSKJLVW7X2PROD with BILLS