Section 1 Short title
This Act may be cited as the “Supporting More Nonprofits Through the PPP Act of 2020”.
Supporting More Nonprofits Through the PPP Act of 2020
A BILL
To amend the Small Business Act to address the eligibility for certain small businesses and organizations to receive loans under the Paycheck Protection Program.
Sec. 2 Paycheck protection program
Section 7(a)(36)(D) of the Small Business Act (15 U.S.C. 636(a)(36)(D)) is amended by striking clause (i) and inserting the following:
“(i) In general—During the covered period, in addition to small business concerns, any business concern, nonprofit organization, veterans organization, or Tribal business concern described in section 31(b)(2)(C) shall be eligible to receive a covered loan if the business concern, nonprofit organization, veterans organization, or Tribal business concern—
“(I) employs not more than the greater of—
“(aa) 500 employees; or
“(bb) if applicable, the size standard in number of employees established by the Administration for the industry in which the business concern, nonprofit organization, veterans organization, or Tribal business concern operates; or
“(II) is as described in clauses (i) and (ii) of section 3(a)(5)(B).”