More PPP Act

I 116TH CONGRESS 2D SESSION H. R. 6893 To amend the CARES Act and the Small Business Act to make certain adjustments to the paycheck protection program, and for other purposes. IN THE HOUSE OF REPRESENTATIVES MAY 15, 2020 Mrs. BEATTY (for herself and Mr. GREEN of Texas) introduced the following bill; which was referred to the Committee on Small Business A BILL To amend the CARES Act and the Small Business Act to make certain adjustments to 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 ‘‘Making Opportunities 4 a Reality for Entrepreneurs Paycheck Protection Pro- 5 gram’’ or the ‘‘More PPP Act’’. 6 VerDate Sep 11 2014 16:28 Jun 05, 2020 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H6893.IH H6893 pamtmann on DSKBC07HB2PROD with BILLS 2 •HR 6893 IH SEC. 2. AMENDMENTS TO PAYCHECK PROTECTION PRO- 1 GRAM. 2 (a) INCREASED AUTHORITY FOR COMMITMENTS AND 3 APPROPRIATIONS FOR PAYCHECK PROTECTION PRO- 4 GRAM.— 5 (1) The CARES Act (Public Law 116–136) is 6 amended in section 1102(b)(1) by striking 7 ‘‘$349,000,000,000’’ and inserting 8 ‘‘909,000,000,000’’. 9 (2) In addition to amounts otherwise made 10 available by any other Act (including section 11 1107(a)(1) of the CARES Act (Public Law 116– 12 136)) for such purpose, there is appropriated for an 13 additional amount under the heading ‘‘Small Busi- 14 ness Administration—Business Loans Program Ac- 15 count, CARES Act’’ for the cost of guaranteed loans 16 as authorized under paragraph (36) of section 7(a) 17 of the Small Business Act (15 U.S.C. 636(a)), 18 $571,335,000,000, to remain available until Sep- 19 tember 30, 2021. 20 (b) SET ASIDE FOR SMALLEST BUSINESSES.—Sec- 21 tion 7(a)(36) of the Small Business Act (15 U.S.C. 22 636(a)(36)) is amended by adding at the end the fol- 23 lowing: 24 ‘‘(T) SET-ASIDE FOR SMALLEST BUSI- 25 NESSES, NONPROFIT ORGANIZATIONS, SOLE 26 VerDate Sep 11 2014 16:28 Jun 05, 2020 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H6893.IH H6893 pamtmann on DSKBC07HB2PROD with BILLS 3 •HR 6893 IH PROPRIETORS, INDEPENDENT CONTRACTORS, 1 AND SELF-EMPLOYED INDIVIDUALS.— 2 ‘‘(i) IN GENERAL.—In making loan 3 guarantees under this paragraph after the 4 date of enactment of this clause, the Ad- 5 ministrator shall guarantee not less than 6 $200,000,000,000 in loans made to— 7 ‘‘(I) business concerns with 25 or 8 fewer employees; 9 ‘‘(II) nonprofit organizations 10 with 25 or fewer employees; 11 ‘‘(III) sole proprietors; 12 ‘‘(IV) independent contractors; 13 and 14 ‘‘(V) self-employed individuals. 15 ‘‘(ii) EMPLOYEE.—For the purposes 16 of clause (i), the term employee includes 17 individuals employed on a full-time, part- 18 time, or other basis.’’. 19 (c) CLARIFY ELIGIBLE COMPANIES.—Section 20 7(a)(36)(D) of the Small Business Act (16 U.S.C. 21 636(a)(36)) is amended by adding at the end the fol- 22 lowing: 23 ‘‘(vii) INELIGIBLE BUSINESS.—Any 24 business that is an ‘issuer’ as such term is 25 VerDate Sep 11 2014 16:28 Jun 05, 2020 Jkt 099200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H6893.IH H6893 pamtmann on DSKBC07HB2PROD with BILLS 4 •HR 6893 IH defined in section 2 of the Securities Act 1 of 1933 (15 U.S.C. 77b) shall not be con- 2 sidered an eligible recipient under this pro- 3 gram.’’. 4 (d) ADDITIONAL BORROWER CERTIFICATION.—Sec- 5 tion 7(a)(36)(G)(i) of the Small Business Act (15 U.S.C. 6 636(a)(36)(G)(i)) is amended— 7 (1) in subclause (III), by striking ‘‘and’’ at the 8 end; 9 (2) in subclause (IV), by striking the period at 10 the end and inserting ‘‘; and’’; and 11 (3) by adding at the end the following: 12 ‘‘(V) that the eligible recipient 13 experienced 20 percent or more in re- 14 duced revenue, as determined by the 15 Administrator.’’. 16 (e) LENDER PROHIBITION.—Section 7(a)(36)(F)(ii) 17 of the Small Business Act (15 U.S.C. 636(a)(36)(F)(ii)) 18 is amended by adding at the end the following: 19 ‘‘(III) PROHIBITIONS.—It shall 20 be unlawful for any lender to— 21 ‘‘(aa) discriminate against 22 any eligible recipient, with re- 23 spect to any aspect of a credit 24 transaction on the basis of race, 25 VerDate Sep 11 2014 16:28 Jun 05, 2020 Jkt 099200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\H6893.IH H6893 pamtmann on DSKBC07HB2PROD with BILLS 5 •HR 6893 IH color, religion, national origin, 1 sex, marital status, or age (pro- 2 vided the applicant has the ca- 3 pacity to contract); or 4 ‘‘(bb) give preferential treat- 5 ment to any eligible recipient as 6 defined by the Administrator.’’. 7 (f) DATA COLLECTION.—Section 7(a)(36) of the 8 Small Business Act (15 U.S.C. 636(a)(36)) is amended 9 by adding at the end the following: 10 ‘‘(U) Not later than 1 month after the 11 date of enactment of this subparagraph, the 12 Administrator shall submit to the appropriate 13 Committees of Congress a report concerning the 14 demographic data of loan recipients under this 15 section, including— 16 ‘‘(i) race; 17 ‘‘(ii) gender; and 18 ‘‘(iii) ethnicity.’’. 19 Æ VerDate Sep 11 2014 16:28 Jun 05, 2020 Jkt 099200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6301 E:\BILLS\H6893.IH H6893 pamtmann on DSKBC07HB2PROD with BILLS