S. 3702: A bill to appropriate additional amounts to provide loans under the paycheck protection program to community development financial institutions and minority depository institutions, and for other purposes.
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S. 3702: A bill to appropriate additional amounts to provide loans under the paycheck protection program to community development financial institutions and minority depository institutions, and for other purposes.
116th Congress · introduced 2020-05-12 · Commerce · Latest: Read twice and referred to the Committee on Small Business and Entrepreneurship.
federal
Follow this bill, step by step
- Where it came from: introduced 2020-05-12 · official record
- Who proposed it: Sen. Markey, Edward J. [D-MA] · what a sponsor is
- What happened next: no floor votes in our records yet. Why?
- Where it stands now: Read twice and referred to the Committee on Small Business and Entrepreneurship. Not final yet: this can still change. We check for updates every day.
- If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.
Official title
A bill to appropriate additional amounts to provide loans under the paycheck protection program to community development financial institutions and minority depository institutions, and for other purposes.
Plain summary
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.
Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.
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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
A bill to appropriate additional amounts to provide loans under the paycheck protection program to community development financial institutions and minority depository institutions, and for other purposes.
Source: Congressional Research Service summary (Introduced in Senate)
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How did my representative vote? · This bill's floor votes
Officials and money
Sponsor: Sen. Markey, Edward J. [D-MA] · 1 cosponsors
Cost estimate: No cost estimate published yet.
Cosponsors on this site
Tammy Duckworth (D-IL)
Sponsor's campaign money: Sen. Markey, Edward J. [D-MA] reported raising $6.0 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 (2)
- Appropriation
- Money a legislature sets aside by law for a specific purpose. Government agencies may spend public money only as it has been appropriated.
- 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
- Congressional Research Service summary (Introduced in Senate)
- Congress.gov
- Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-116s3702.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/116/s>
Record fed-us-cong116-s3702 · catalog fed-us-congress-bills-cong116 · updated 2026-11-15 by psicol fed-bills-cong116