Text: H.R.6758 — 116th Congress (2019-2020)All Information (Except Text)

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Introduced in House (05/08/2020)

 
[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6758 Introduced in House (IH)]

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116th CONGRESS
  2d Session
                                H. R. 6758

   To establish requirements for funds appropriated to carry out the 
 paycheck protection program, to require reporting on the use of such 
                     funds, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 8, 2020

 Ms. Garcia of Texas introduced the following bill; which was referred 
                   to the Committee on Small Business

_______________________________________________________________________

                                 A BILL


 
   To establish requirements for funds appropriated to carry out the 
 paycheck protection program, to require reporting on the use of such 
                     funds, 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. SET ASIDE FOR MINORITY DEPOSITORY INSTITUTIONS AND COMMUNITY 
              DEVELOPMENT FINANCIAL INSTITUTIONS UNDER THE PAYCHECK 
              PROTECTION PROGRAM AND HEALTH CARE ENHANCEMENT ACT.

    With respect to amounts appropriated under section 101(a) of 
division A of the Paycheck Protection Program and Health Care 
Enhancement Act (Public Law 116-139) for the cost of guaranteed loans 
made under section 7(a)(36) of the Small Business Act (15 U.S.C. 
636(a)(36)), $10,000,000,000 of such amounts not otherwise obligated or 
expended shall be set aside for loan guarantees made by minority 
depository institutions (as defined in section 308 of the Financial 
Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 
1463 note)) and community development financial institutions (as 
defined in section 103 of the Riegle Community Development and 
Regulatory Improvement Act of 1994 (12 U.S.C. 4702)).

SEC. 2. SET ASIDE FOR CERTAIN LENDERS AND REPORTING REQUIREMENTS FOR 
              THE PAYCHECK PROTECTION PROGRAM.

    (a) Set Aside for Certain Lenders.--
            (1) In general.--On the date on which all amounts 
        appropriated by the Paycheck Protection Program and Health Care 
        Enhancement Act (Public Law 116-139) under the heading ``Small 
        Business Administration--Business Loans Program Account, CARES 
        Act'' are expended, subparagraph (S) of section 7(a)(36) of the 
        Small Business Act (15 U.S.C. 636(a)(36)(S)) is amended to read 
        as follows:
                    ``(S) Set aside for certain lender.--The 
                Administrator shall provide for the cost of guaranteed 
                covered loans made under this paragraph--
                            ``(i) a set aside of 20 percent of each 
                        amount appropriated pursuant to this to carry 
                        out this paragraph for loans made by community 
                        financial institutions (as defined in 
                        subparagraph (A)(xi) of such section), insured 
                        depository institutions (as defined in 
                        subparagraph (A)(i) of such section), and 
                        credit unions (as defined in subparagraph 
                        (A)(xii) of such section), with consolidated 
                        assets of less than $10,000,000,000;
                            ``(ii) a set aside of 10 percent of each 
                        amount appropriated pursuant to this to carry 
                        out this paragraph for loans made by insured 
                        depository institutions (as defined in 
                        subparagraph (A)(i) of such section) and credit 
                        unions (as defined in subparagraph (A)(xii) of 
                        such section) with consolidated assets of not 
                        less than $10,000,000,000 and less than 
                        $50,000,000,000; and
                            ``(iii) a set aside equal the greater of 
                        $10,000,000,000 or 5 percent of each amount 
                        appropriated pursuant to this to carry out this 
                        paragraph for loans made by minority depository 
                        institutions (as defined in section 308 of the 
                        Financial Institutions Reform, Recovery, and 
                        Enforcement Act of 1989 (12 U.S.C. 1463 note)) 
                        and community development financial 
                        institutions (as defined in section 103 of the 
                        Riegle Community Development and Regulatory 
                        Improvement Act of 1994 (12 U.S.C. 4702)).''.
            (2) Notification.--The Administrator of the Small Business 
        Administration shall notify the Law Revision Counsel of the 
        House of Representatives of the date on which the amounts 
        described under paragraph (1) are expended so that the Law 
        Revision Counsel may execute the amendments made by paragraph 
        (1).
    (b) Processing.--Section 7(a)(36) of the Small Business Act (15 
U.S.C. 636(a)(36)) is amended by adding at the end the following new 
subparagraph:
                    ``(T) Application processing.--
                            ``(i) In general.--The Administrator and 
                        the Secretary of the Treasury shall, at least 
                        twice weekly, provide separate 8-hour period 
                        during which the Administrator and the 
                        Secretary shall process the following 
                        applications under this paragraph:
                                    ``(I) Applications compiled by 
                                lenders with consolidated assets of 
                                less than $1,000,000,000 that are 
                                authorized to make loans under this 
                                paragraph.
                                    ``(II) Applications compiled by 
                                lenders from eligible recipients that 
                                have 20 or fewer employees for a 
                                principal amount of a covered loan of 
                                less than $200,000.
                            ``(ii) Requirements.--The Administrator and 
                        the Secretary shall, at least 72 hours in 
                        advance, provide notice of when an 8-hour 
                        period described in clause (i) will begin. Such 
                        8-hour period may not be between 12 a.m. and 8 
                        a.m.''.
    (c) Reports.--
            (1) In general.--During the period beginning on the date of 
        the enactment of an Act appropriating amounts under the heading 
        ``Small Business Administration--Business Loans Program 
        Account, CARES Act'' that is on or after the date of the 
        enactment of this Act, and ending on the date on which such 
        amounts are expended, the Administrator of the Small Business 
        Administrator and the Secretary of the Treasury shall make 
        publicly available--
                    (A) on a daily basis, the amount of funds under 
                such heading that have not been obligated or expended; 
                and
                    (B) on a weekly basis, the amount of funds under 
                such heading made available to lenders, disaggregated 
                by the type of lender (including minority depository 
                institutions (as defined in section 308 of the 
                Financial Institutions Reform, Recovery, and 
                Enforcement Act of 1989 (12 U.S.C. 1463 note)) and 
                community development financial institutions (as 
                defined in section 103 of the Riegle Community 
                Development and Regulatory Improvement Act of 1994 (12 
                U.S.C. 4702))) and the total consolidated assets of 
                each such lender.
            (2) Prior expenditures.--Not later than 7 days after the 
        date of the enactment of this Act, the Administrator of the 
        Small Business Administrator and the Secretary of the Treasury 
        shall make publicly available a report on funds made available 
        under the heading ``Small Business Administration--Business 
        Loans Program Account, CARES Act'' to lenders, disaggregated by 
        the type of lender (including minority depository institutions 
        (as defined in section 308 of the Financial Institutions 
        Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 1463 
        note)) and community development financial institutions (as 
        defined in section 103 of the Riegle Community Development and 
        Regulatory Improvement Act of 1994 (12 U.S.C. 4702))) and the 
        total consolidated assets of each such lender.
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