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

There is one summary for S.4117. Bill summaries are authored by CRS.

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Introduced in Senate (06/30/2020)

Paycheck Protection Small Business Forgiveness Act

This bill modifies loan forgiveness under the Paycheck Protection Program established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019).

Specifically, the bill provides for automatic forgiveness of a paycheck protection loan that is not more than $150,000 if the recipient submits a one-page form. Further, it prohibits any enforcement or other action against a lender relating to loan origination, forgiveness, or guarantee based on the lender's reliance on certifications or documentation submitted by a loan applicant or recipient.