1. Short title
This Act may be cited as the “Making Opportunities a Reality for Entrepreneurs Paycheck Protection Program” or the “More PPP Act”.
Making Opportunities a Reality for Entrepreneurs Paycheck Protection Program
A BILL
To amend the CARES Act and the Small Business Act to make certain adjustments to the paycheck protection program, and for other purposes.
2. Amendments to paycheck protection program
Increased authority for commitments and appropriations for paycheck protection program—
The CARES Act (Public Law 116–136) is amended in section 1102(b)(1) by striking “$349,000,000,000” and inserting “909,000,000,000”.
In addition to amounts otherwise made available by any other Act (including section 1107(a)(1) of the CARES Act (Public Law 116–136)) for such purpose, there is appropriated for an additional amount under the heading “Small Business Administration—Business Loans Program Account, CARES Act” for the cost of guaranteed loans as authorized under paragraph (36) of section 7(a) of the Small Business Act (15 U.S.C. 636(a)), $571,335,000,000, to remain available until September 30, 2021.
Set aside for smallest businesses— Section 7(a)(36) of the Small Business Act (15 U.S.C. 636(a)(36)) is amended by adding at the end the following:
“(T) Set-aside for smallest businesses, nonprofit organizations, sole proprietors, independent contractors, and self-employed individuals
“(i) In general—In making loan guarantees under this paragraph after the date of enactment of this clause, the Administrator shall guarantee not less than $200,000,000,000 in loans made to—
“(I) business concerns with 25 or fewer employees;
“(II) nonprofit organizations with 25 or fewer employees;
“(III) sole proprietors;
“(IV) independent contractors; and
“(V) self-employed individuals.
“(ii) Employee—For the purposes of clause (i), the term employee includes individuals employed on a full-time, part-time, or other basis.”
Clarify eligible companies— Section 7(a)(36)(D) of the Small Business Act (16 U.S.C. 636(a)(36)) is amended by adding at the end the following:
“(vii) Ineligible business—Any business that is an “issuer” as such term is defined in section 2 of the Securities Act of 1933 (15 U.S.C. 77b) shall not be considered an eligible recipient under this program.”
Additional borrower certification— Section 7(a)(36)(G)(i) of the Small Business Act (15 U.S.C. 636(a)(36)(G)(i)) is amended—
in subclause (III), by striking “and” at the end;
in subclause (IV), by striking the period at the end and inserting “; and”; and
by adding at the end the following:
“(V) that the eligible recipient experienced 20 percent or more in reduced revenue, as determined by the Administrator.”
Lender prohibition— Section 7(a)(36)(F)(ii) of the Small Business Act (15 U.S.C. 636(a)(36)(F)(ii)) is amended by adding at the end the following:
“(III) Prohibitions—It shall be unlawful for any lender to—
“(aa) discriminate against any eligible recipient, with respect to any aspect of a credit transaction on the basis of race, color, religion, national origin, sex, marital status, or age (provided the applicant has the capacity to contract); or
“(bb) give preferential treatment to any eligible recipient as defined by the Administrator.”
Data collection— Section 7(a)(36) of the Small Business Act (15 U.S.C. 636(a)(36)) is amended by adding at the end the following:
“(U) Not later than 1 month after the date of enactment of this subparagraph, the Administrator shall submit to the appropriate Committees of Congress a report concerning the demographic data of loan recipients under this section, including—
“(i) race;
“(ii) gender; and
“(iii) ethnicity.”