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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries

Titles (3)

Short Titles

Short Titles - House of Representatives

Short Title(s) as Introduced

P4 Act
Prioritized Paycheck Protection Program Act

Official Titles

Official Titles - House of Representatives

Official Title as Introduced

To provide for supplemental loans under the Paycheck Protection Program.

Actions Overview (1)

Date Actions Overview
06/18/2020Introduced in House

All Actions (2)

Date All Actions
06/18/2020Referred to the House Committee on Small Business.
Action By: House of Representatives
06/18/2020Introduced in House
Action By: House of Representatives

Cosponsors (20)

Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Related Documents
House Small Business06/18/2020 Referred to

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Latest Summary (1)

There is one summary for H.R.7241. View summaries

Shown Here:
Introduced in House (06/18/2020)

Prioritized Paycheck Protection Program Act or the P4 Act

This bill authorizes new lending under the Paycheck Protection Program, established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019), for specified small businesses that have experienced a significant loss in revenue.

Specifically, the bill authorizes one supplemental paycheck protection loan for a small business that (1) has no more than 100 employees, (2) operates under a sole proprietorship or as an independent contractor, or (3) is self-employed. To be eligible for a supplemental paycheck protection loan, such small business must demonstrate a loss of revenue of 50% or more and have either already expended an initial paycheck protection loan or be on pace to exhaust such loan prior to disbursal of the supplemental loan.

The bill also extends the application deadline for an initial paycheck protection loan to December 31, 2020, and it authorizes loan recipients to apply for forgiveness as early as eight weeks after the loan's disbursal.

The Small Business Administration must (1) issue guidance instructing lenders of paycheck protection loans to prioritize loan processing for and disbursement to underserved businesses, (2) update the loan application for paycheck protection loans to collect borrowers' demographic information, and (3) publish specified program information on its website.