S. 723 – Reading Mode | Legislate.dev

117th CONGRESS

1st Session

S. 723

IN THE SENATE OF THE UNITED STATES

March 11, 2021

Ms. Collins (for herself, Mr. Cardin, and Mrs. Shaheen) introduced the following bill; which was read twice and referred to the Committee on Small Business and Entrepreneurship

A BILL

To amend the Small Business Act and the CARES Act to extend the covered period for the paycheck protection program, and for other purposes.

Short title

This Act may be cited as the PPP Extension Act of 2021.

Extension of covered period for paycheck protection program

(a)

In general

Section 7(a)(36)(A)(iii) of the Small Business Act (15 U.S.C. 636(a)(36)(A)(iii)) is amended by striking March 31, 2021 and inserting June 30, 2021.

(b)

Funding

Section 1102(b)(1) of the CARES Act (Public Law 116–136), as amended by section 323 of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (title III of division N of Public Law 116–260), is amended by striking March 31, 2021 and inserting June 30, 2021.

(c)

Restriction

From June 1, 2021, through June 30, 2021, the Administrator of the Small Business Administration shall not accept new lender applications for loans under paragraph (36) or (37) of section 7(a) of the Small Business Act (15 U.S.C. 636(a)) and shall only process such lender applications that have been submitted to the Administrator before June 1, 2021.