S.3865 - Paycheck Protection Program Second Chance Act116th Congress (2019-2020) |
|Sponsor:||Sen. Portman, Rob [R-OH] (Introduced 06/02/2020)|
|Committees:||Senate - Small Business and Entrepreneurship|
|Latest Action:||Senate - 06/10/2020 Committee on Small Business and Entrepreneurship. Hearings held. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed Senate
- Passed House
- To President
- Became Law
Summary: S.3865 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in Senate (06/02/2020)
Paycheck Protection Program Second Chance Act
This bill requires specified treatment of certain criminal violations under the Paycheck Protection Program established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019).
Specifically, the bill provides that an entity shall not be ineligible for a paycheck protection loan if certain owners have prior arrests or convictions, unless the owner (1) is incarcerated as of the date of the loan application, or (2) has been convicted of a felony of financial fraud or deception during the five-year period prior to the loan application.