[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. 723 Introduced in Senate (IS)]

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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 Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``PPP Extension Act of 2021''.

SEC. 2. EXTENSION OF COVERED PERIOD FOR PAYCHECK PROTECTION PROGRAM.

    (a) In General.--Section 7(a)(36)(A)(iii) of the Small Business Act 
(15 U.S.C. 636(a)(36)(A)(iii)) is amended by striking ``March 31, 
2021'' and inserting ``June 30, 2021''.
    (b) Funding.--Section 1102(b)(1) of the CARES Act (Public Law 116-
136), as amended by section 323 of the Economic Aid to Hard-Hit Small 
Businesses, Nonprofits, and Venues Act (title III of division N of 
Public Law 116-260), is amended by striking ``March 31, 2021'' and 
inserting ``June 30, 2021''.
    (c) Restriction.--From June 1, 2021, through June 30, 2021, the 
Administrator of the Small Business Administration shall not accept new 
lender applications for loans under paragraph (36) or (37) of section 
7(a) of the Small Business Act (15 U.S.C. 636(a)) and shall only 
process such lender applications that have been submitted to the 
Administrator before June 1, 2021.
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