S. 4321: Continuing Small Business Recovery and Paycheck Protection Program Act

116th Congress · introduced 2020-07-27 · 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 2020-07-27 · official record
Who proposed it: Sen. Rubio, Marco [R-FL] · 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.

What does this mean?

Official title

Continuing Small Business Recovery and Paycheck Protection Program Act

Plain summary

Continuing Small Business Recovery and Paycheck Protection Program Act This bill establishes funding for, expands, and provides additional economic assistance to small businesses in response to COVID-19 (i.e., coronavirus disease 2019). Specifically, the Small Business Administration (SBA) is authorized to provide second draw loans of up to $2 million under the Paycheck Protection Program. A recipient shall be eligible for forgiveness of a second draw loan in the same manner as an initial paycheck protection loan. The SBA may also provide loans of up to $10 million to recovery sector small businesses (e.g., certain seasonal businesses and businesses located in low-income census tracts) to meet working capital needs, acquire fixed assets, or refinance existing indebtedness while recovering from the COVID-19 pandemic. Among other requirements, a loan recipient must demonstrate at least a 50% reduction in gross revenues. Further the bill modifies the Paycheck Protection Program by, among other things, (1) expanding forgivable expenses, (2) allowing borrowers to select an eight-week period through December 31, 2020, to use their paycheck protection loan, (3) simplifying the forgiveness application for smaller loans, (4) expanding eligibility to certain chambers of commerce and destination marketing organizations, and (5) establishing a specific loan calculation for farmers and ranchers. Lastly, the SBA must establish and carry out a facility to improve the recovery of eligible small businesses from the COVID-19 pandemic, increase resiliency in the manufacturing supply chain of small businesses, and increase economic development of small business low-income census tracts by providing financial assistance to participating investment companies that facilitate equity financing to eligible small businesses.

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

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A “Nay” vote

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What does this mean? (plain words)

Official text

Continuing Small Business Recovery and Paycheck Protection Program Act

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. Rubio, Marco [R-FL] · 1 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Susan M. Collins (R-ME)

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)

Authorization: A law that creates or continues a government program and says what it may do, often with a suggested spending ceiling. An authorization alone does not provide money; a separate appropriation does.
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-116s4321.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/116/s>

Record fed-us-cong116-s4321 · catalog fed-us-congress-bills-cong116 · updated 2026-11-15 by psicol fed-bills-cong116