Text: S.4117 — 116th Congress (2019-2020)All Information (Except Text)

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Introduced in Senate (06/30/2020)

 
[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 4117 Introduced in Senate (IS)]

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116th CONGRESS
  2d Session
                                S. 4117

To provide automatic forgiveness for paycheck protection program loans 
                under $150,000, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             June 30, 2020

  Mr. Cramer (for himself, Mr. Menendez, Mr. Tillis, and Ms. Sinema) 
introduced the following bill; which was read twice and referred to the 
            Committee on Small Business and Entrepreneurship

_______________________________________________________________________

                                 A BILL


 
To provide automatic forgiveness for paycheck protection program loans 
                under $150,000, 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 ``Paycheck Protection Small Business 
Forgiveness Act''.

SEC. 2. LOAN FORGIVENESS FOR PPP LOANS UNDER $150,000.

    Section 1106 of the CARES Act (Public Law 116-136) is amended--
            (1) in subsection (e), in the matter preceding paragraph 
        (1), by striking ``An eligible'' and inserting ``Except as 
        provided in subsection (m), an eligible'';
            (2) in subsection (f), by inserting ``or the information 
        required under subsection (m), as applicable'' after 
        ``subsection (e)'';
            (3) by striking subsection (h) and inserting the following:
    ``(h) Hold Harmless.--
            ``(1) In general.--A lender may rely on all certifications 
        and documentation submitted by an applicant or eligible 
        recipient pursuant to any requirement in statute regarding 
        covered loans, or rules or guidance promulgated to carry out 
        any action relating to covered loans, from an applicant or 
        eligible recipient attesting that the applicant or eligible 
        recipient has accurately verified all documentation provided to 
        the lender.
            ``(2) No enforcement action.--With respect to a lender that 
        relies on the certifications and documentation described in 
        paragraph (1)--
                    ``(A) no enforcement or other action may be taken 
                against the lender relating to loan origination, 
                forgiveness, or guarantee based on such reliance, 
                including claims under--
                            ``(i) the Small Business Act (15 U.S.C. 631 
                        et seq.);
                            ``(ii) sections 3729 through 3733 of title 
                        31, United States Code (commonly known as the 
                        `False Claims Act');
                            ``(iii) the Financial Institutions Reform, 
                        Recovery, and Enforcement Act (Public Law 101-
                        73);
                            ``(iv) section 21 of the Federal Deposit 
                        Insurance Act (12 U.S.C. 1829b), chapter 2 of 
                        title I of Public Law 91-508 (12 U.S.C. 1951 et 
                        seq.), and subchapter II of chapter 53 of title 
                        31, United States Code (collectively known as 
                        the `Bank Secrecy Act'); or
                            ``(v) any other Federal, State, or other 
                        criminal or civil law or regulation; and
                    ``(B) the lender shall not be subject to any 
                penalties relating to loan origination, forgiveness, or 
                guarantee based on such reliance.''; and
            (4) by adding at the end the following:
    ``(m) Forgiveness for Covered Loans Under $150,000.--
            ``(1) In general.--Notwithstanding subsection (e), with 
        respect to a covered loan made to an eligible recipient that is 
        not more than $150,000, the covered loan amount shall be 
        forgiven under this section if the eligible recipient submits 
        to the lender a one-page online or paper form, to be 
        established by the Administrator not later than 7 days after 
        the date of enactment of this subsection, that attests that the 
        eligible recipient complied with the requirements under section 
        7(a)(36) of the Small Business Act (15 U.S.C. 636(a)(36)).
            ``(2) Hold harmless.--With respect to a lender that relies 
        on an attestation submitted by an eligible recipient under 
        paragraph (1), no enforcement action may be taken against the 
        lender for any falsehoods contained in the attestation.
            ``(3) Demographic information.--The online or paper form 
        established by the Administrator under paragraph (1) shall 
        include a means by which an eligible recipient may, at the 
        discretion of the eligible recipient, submit demographic 
        information of the owner of the eligible recipient, including 
        the sex, race, ethnicity, and veteran status of the owner.
    ``(n) Enforcement Action Against Borrowers.--An eligible recipient 
of a covered loan may only be subject to an enforcement action or 
penalty relating to loan origination, forgiveness, or guarantee of the 
covered loan if the eligible recipient commits fraud or expends covered 
loan proceeds on expenses that are not allowable under section 
7(a)(36)(F) of the Small Business Act (15 U.S.C. 636(a)(36)(F)).''.
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