Summary: S.3702 — 116th Congress (2019-2020)All Information (Except Text)

There is one summary for S.3702. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (05/12/2020)

This bill modifies and provides additional funding for the Paycheck Protection Program established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019).

Specifically, the bill provides an additional $10 billion to guarantee paycheck protection loans, $7.5 billion of which shall be for small loans made by community development financial institutions or minority depository institutions.

The bill also

  • establishes a grant program to provide assistance to community development financial institutions and minority depository institutions that primarily make small paycheck protection loans;
  • provides additional funding for the Community Development Financial Institutions Fund and prioritizes support for minority-led community development financial institutions or community development financial institutions that serve communities of color;
  • authorizes community development financial institutions that are certified by the fund to make and approve paycheck protection loans;
  • extends the deadline to apply for a paycheck protection loan;
  • allows recipients up to 24 weeks to use their paycheck protection loan;
  • and
  • extends the deadline by which a paycheck protection loan recipient must eliminate a reduction in employment, salary, or wages to be eligible for loan forgiveness.