Paycheck Protection Program Extension and Modification Act of 2020

II 116TH CONGRESS 2D SESSION S. 4125 To extend the paycheck protection program and to provide supplemental loans to recipients of loans under the paycheck protection program, and for other purposes. IN THE SENATE OF THE UNITED STATES JULY 1, 2020 Mr. GARDNER introduced the following bill; which was read twice and referred to the Committee on Small Business and Entrepreneurship A BILL To extend the paycheck protection program and to provide supplemental loans to recipients of loans under the pay- check 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 ‘‘Paycheck Protection 4 Program Extension and Modification Act of 2020’’. 5 SEC. 2. EXTENDING AUTHORITY FOR COMMITMENTS FOR 6 THE PAYCHECK PROTECTION PROGRAM. 7 Section 1102(b) of title I of division A of the 8 Coronavirus Aid, Relief, and Economic Security Act (Pub- 9 VerDate Sep 11 2014 00:54 Jul 12, 2020 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S4125.IS S4125 pbinns on DSKJLVW7X2PROD with BILLS 2 •S 4125 IS lic Law 116–136) is amended, in the matter preceding 1 paragraph (1), by striking ‘‘June 30, 2020’’ and inserting 2 ‘‘December 31, 2020’’. 3 SEC. 3. ADDITIONAL PPP LOANS. 4 Section 7(a)(36) of the Small Business Act (15 5 U.S.C. 636(a)(36)) is amended by adding at the end the 6 following: 7 ‘‘(T) ADDITIONAL LOANS.—An eligible re- 8 cipient of a covered loan before the date of en- 9 actment of the Paycheck Protection Program 10 Extension and Modification Act of 2020 may 11 apply for and receive an additional loan in an 12 amount equal to the covered loan, which shall 13 be— 14 ‘‘(i) used for allowable expenses in ac- 15 cordance with subparagraph (F); 16 ‘‘(ii) guaranteed under this paragraph 17 in the same manner as a covered loan; and 18 ‘‘(iii) eligible for loan forgiveness in 19 the same manner as a covered loan under 20 section 1106 of the CARES Act (15 21 U.S.C. 9005).’’. 22 Æ VerDate Sep 11 2014 00:54 Jul 12, 2020 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\S4125.IS S4125 pbinns on DSKJLVW7X2PROD with BILLS