Section 1 Short title
This Act may be cited as the “Keeping Our Promise to Small Businesses Act”.
Keeping Our Promise to Small Businesses Act
A BILL
To provide direct appropriations for processing applications for the paycheck protection program, and for other purposes.
Sec. 2 Appropriations for paycheck protection program
Appropriations— There is appropriated, out of amounts in the Treasury not otherwise appropriated, to remain available until expended, for additional amounts—
such sums as may be necessary under the heading “Small Business Administration—Business Loans Program Account, CARES Act” for the cost of processing applications for loans under paragraph (36) or (37) of section 7(a) of the Small Business Act (15 U.S.C. 636(a)) that were submitted on or before May 4, 2021; and
$5,000,000,000 under the heading “Small Business Administration—Business Loans Program Account, CARES Act” for the cost of guaranteed loans under paragraph (36) or (37) of section 7(a) of the Small Business Act (15 U.S.C. 636(a)) provided to eligible entities that—
submit an application for such a loan on or before May 31, 2021;
have not more than 100 employees; and
are located in a State that, as of March 1, 2021, had an unemployment rate of not less than 6 percent.
Preference— In guaranteeing loans using amounts appropriated under subsection (a)(2), the Administrator of the Small Business Administration shall give a preference to eligible entities that are women-, minority-, or veteran-owned.