S. 3865

Introduced

Paycheck Protection Program Second Chance Act

Introduced 6/2/2020•116th Congress•Senate

Congress.gov

Latest Action

Committee on Small Business and Entrepreneurship. Hearings held. Hearings printed: S.Hrg. 116-605.

6/10/2020 • Senate

Summary

Paycheck Protection Program Second Chance Act

This bill requires specified treatment of certain criminal violations under the Paycheck Protection Program established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019).

Specifically, the bill provides that an entity shall not be ineligible for a paycheck protection loan if certain owners have prior arrests or convictions, unless the owner (1) is incarcerated as of the date of the loan application, or (2) has been convicted of a felony of financial fraud or deception during the five-year period prior to the loan application.

Introduced in Senate • 6/2/2020

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Topics & Subjects

Policy Area: Commerce

Administrative law and regulatory proceduresBusiness expensesCardiovascular and respiratory healthCriminal procedure and sentencingEmergency medical services and trauma careGovernment lending and loan guaranteesInfectious and parasitic diseasesSmall Business AdministrationSmall businessWages and earnings