U.S. Rep. Don Bacon shares specifics with NFIB Nebraska members
NFIB Nebraska thanks the office of U.S. Rep. Don Bacon for providing a few additional details about the funding increase for the Paycheck Protection Program.
“When small-business solvency is a concern consuming every waking moment for some entrepreneurs, any bit of information, no matter how technical or dry, could be of value to someone,” said NFIB Nebraska State Director Bob Hallstrom. “We thank Congressman Bacon for providing the following information.
Paycheck Protection Program Increase Act of 2020 Section-by-Section
Section 1. Short Title
Section 2. Table of Contents
Division A—Small Business Programs
Section 101: amends the Paycheck Protection Program, economic injury disaster loans, and emergency grants.
Section 102: emergency designation.
Section 3. References
References made in this Act are made, and applicable, only to Division A of the Coronavirus Aid, Relief, and Economic Security Act (P.L. 116-136).
Division A— Small Business Programs
Section 101. Amendments to the Paycheck Protection Program, Economic Injury Disaster Loans, and Emergency Grants
Increases the authorization level for the Paycheck Protection Program from $349 billion to $659 billion.
Increases the appropriation level for the Paycheck Protection Program from $349 billion to $670.335 billion.
Increases the authorization level for the Emergency Economic Injury Disaster (EIDL) Grants from $10 billion to $20 billion.
Allows agricultural enterprises as defined by section 18(b) of the Small Business Act (15 U.S.C. 647(b)) with not more than 500 employees to receive EIDL grants and loans.
Creates a set-aside for Insured Depository Institutions, Credit Unions, and Community Financial Institutions for the Paycheck Protection Program.
Defines Community Financial Institutions as minority depository institutions, certified development companies, microloan intermediaries, and State or Federal Credit Unions.
This section sets aside the following amounts for the Paycheck Protection Program to be made by the following institutions:
- $30 billion for loans made by Insured Depository Institutions and Credit Unions that have assets between $10 billion and $50 billion; and
- $30 billion for loans made by Community Financial Institutions, Small Insured Depository Institutions, and Credit Unions with assets less than $10 billion.
Section 102. Emergency Designation
Designates the amounts provided under Division as emergency spending for budgetary purposes.
Title II. Independent Agencies
Small Business Administration
Appropriates an additional $2.1 billion for the Salaries and Expenses account to remain available until September 30, 2021.
Appropriates an additional $50 billion for the Disaster Loans Program Account to remain available until expended.
Appropriates an additional $10 billion for Emergency EIDL Grants to remain available until expended.