S. 4117 · 116th Congress
Paycheck Protection Small Business Forgiveness Act
- Stage
- In committee
- Sponsor
- Kevin Cramer
- Introduced
- 2020-06-30
- Latest action
- 2020-06-30 · Introduced in Senate
Summary
Paycheck Protection Small Business Forgiveness Act
This bill modifies loan forgiveness under the Paycheck Protection Program established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019).
Specifically, the bill provides for automatic forgiveness of a paycheck protection loan that is not more than $150,000 if the recipient submits a one-page form. Further, it prohibits any enforcement or other action against a lender relating to loan origination, forgiveness, or guarantee based on the lender's reliance on certifications or documentation submitted by a loan applicant or recipient.