1. Short title
This Act may be cited as the “Paycheck Protection Program Extension and Modification Act of 2020”.
Paycheck Protection Program Extension and Modification Act of 2020
A BILL
To extend the paycheck protection program and to provide supplemental loans to recipients of loans under the paycheck protection program, and for other purposes.
2. Extending authority for commitments for the paycheck protection program
Section 1102(b) of title I of division A of the Coronavirus Aid, Relief, and Economic Security Act (Public Law 116–136) is amended, in the matter preceding paragraph (1), by striking “June 30, 2020” and inserting “December 31, 2020”.
3. Additional PPP loans
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) Additional loans—An eligible recipient of a covered loan before the date of enactment of the Paycheck Protection Program Extension and Modification Act of 2020 may apply for and receive an additional loan in an amount equal to the covered loan, which shall be—
“(i) used for allowable expenses in accordance with subparagraph (F);
“(ii) guaranteed under this paragraph in the same manner as a covered loan; and
“(iii) eligible for loan forgiveness in the same manner as a covered loan under section 1106 of the CARES Act (15 U.S.C. 9005).”