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

I 116TH CONGRESS 2D SESSION H. R. 6506 To amend the Small Business Act to modify the paycheck protection program, and for other purposes. IN THE HOUSE OF REPRESENTATIVES APRIL 14, 2020 Mr. KILMER (for himself, Ms. HERRERA BEUTLER, and Ms. DEAN) intro- duced the following bill; which was referred to the Committee on Small Business A BILL To amend the Small Business Act to modify 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. EXTENSION OF PERIOD OF THE PAYCHECK 3 PROTECTION PROGRAM. 4 Section 7(a)(36)(A)(iii) of the Small Business Act 5 (15 U.S.C. 636(a)(36)(A)(iii)) is amended by striking 6 ‘‘June 30, 2020’’ and inserting ‘‘the date that is 30 days 7 after the date on which the ‘Proclamation on Declaring 8 a National Emergency Concerning the Novel Coronavirus 9 VerDate Sep 11 2014 18:11 Apr 21, 2020 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H6506.IH H6506 pamtmann on DSKBC07HB2PROD with BILLS 2 •HR 6506 IH Disease (COVID–19) Outbreak’ (issued March 13, 2020) 1 no longer has force or effect’’. 2 SEC. 2. ADDITIONAL AMOUNTS UNDER THE PAYCHECK 3 PROTECTION PROGRAM. 4 (a) IN GENERAL.—Section 7(a)(36) of the Small 5 Business Act (15 U.S.C. 636(a)(36)) is amended by add- 6 ing at the end the following new subparagraph: 7 ‘‘(S) ADDITIONAL AMOUNTS.— 8 ‘‘(i) IN GENERAL.—During the cov- 9 ered period, an eligible recipient that re- 10 ceived a covered loan under this paragraph 11 may request an additional amount from 12 the lender of such covered loan not earlier 13 than 6 weeks and not later than 8 weeks 14 after the origination of the covered loan. 15 ‘‘(ii) AMOUNT; TERMS.—Such addi- 16 tional amount shall not be greater than the 17 amount of the covered loan and shall be 18 subject to the same terms as the covered 19 loan. 20 ‘‘(iii) SUBSEQUENT ADDITIONAL 21 AMOUNTS.—During the covered period, an 22 eligible borrower that receives an addi- 23 tional amount under this subparagraph 24 may request a subsequent additional 25 VerDate Sep 11 2014 18:11 Apr 21, 2020 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H6506.IH H6506 pamtmann on DSKBC07HB2PROD with BILLS 3 •HR 6506 IH amount not earlier than 6 weeks and not 1 later than 8 weeks after the disbursement 2 of the initial additional amount.’’. 3 (b) FORGIVENESS OF ADDITIONAL AMOUNTS.—Sec- 4 tion 1106(a)(1) of the CARES Act (Public Law 116–136) 5 is amended by inserting ‘‘, including any additional 6 amount under subparagraph (S) of such paragraph’’ after 7 ‘‘section 1102’’. 8 SEC. 3. EXTENSION OF DEFERRAL. 9 Section 7(a)(36)(M)(ii)(II) of the Small Business Act 10 is amended— 11 (1) by striking ‘‘6 months’’ and inserting ‘‘1 12 year’’; and 13 (2) by striking ‘‘, and not more than 1 year’’. 14 SEC. 4. DIRECT APPROPRIATION FOR THE PAYCHECK PRO- 15 TECTION PROGRAM. 16 There is appropriated, out of amounts in the Treas- 17 ury not otherwise appropriated, for the fiscal year ending 18 September 30, 2020, to remain available until the date 19 that is 30 days after the date on which the ‘‘Proclamation 20 on Declaring a National Emergency Concerning the Novel 21 Coronavirus Disease (COVID–19) Outbreak’’ (issued 22 March 13, 2020) no longer has force or effect, for an addi- 23 tional amount $900,000,000,000 under the heading 24 ‘‘Small Business Administration—Business Loans Pro- 25 VerDate Sep 11 2014 18:11 Apr 21, 2020 Jkt 099200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H6506.IH H6506 pamtmann on DSKBC07HB2PROD with BILLS 4 •HR 6506 IH gram Account, CARES Act’’ for the cost of guaranteed 1 loans as authorized under paragraph (36) of section 7(a) 2 of the Small Business Act (15 U.S.C. 636(a)), as added 3 by section 1102(a) of the CARES Act (Public Law 116– 4 136). 5 Æ VerDate Sep 11 2014 18:11 Apr 21, 2020 Jkt 099200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6301 E:\BILLS\H6506.IH H6506 pamtmann on DSKBC07HB2PROD with BILLS