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H.R. 7241: P4 Act

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H.R. 7241: P4 Act

116th Congress · introduced 2020-06-18 · Commerce · Latest: Referred to the House Committee on Small Business.

federal

Follow this bill, step by step

  1. Where it came from: introduced 2020-06-18 · official record
  2. Who proposed it: Rep. Craig, Angie [D-MN-2] · what a sponsor is
  3. What happened next: no floor votes in our records yet. Why?
  4. Where it stands now: Referred to the House Committee on Small Business. Not final yet: this can still change. We check for updates every day.
  5. If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

P4 Act

Plain summary

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.

Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

P4 Act

Source: Congressional Research Service summary (Introduced in House)

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The strongest published arguments

Arguments for (supporters)

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Arguments against (opponents)

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Alternatives

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Craig, Angie [D-MN-2] · 20 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Nydia M. Velázquez (D-NY), Lori Trahan (D-MA), Lizzie Fletcher (D-TX), Diana DeGette (D-CO), Thomas R. Suozzi (D-NY), Peter Welch (D-VT), Grace Meng (D-NY), Chris Pappas (D-NH), Ed Case (D-HI), Adam Smith (D-WA), Andy Kim (D-NJ)

Sponsor's campaign money: Rep. Craig, Angie [D-MN-2] reported raising $1.4 million (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (1)
Bill
A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).

Plain meanings written from linked sources. All words.

Sources

Record fed-us-cong116-hr7241 · catalog fed-us-congress-bills-cong116 · updated 2026-11-15 by psicol fed-bills-cong116