Bill Sponsor
BILLSPONSOR
Bill Sponsor
Politicians
Bills
Senate Bill 3865
116th Congress(2019-2020)
Paycheck Protection Program Second Chance Act
Introduced
Introduced
Introduced in Senate on Jun 2, 2020
Overview
Text
Introduced in Senate 
Jun 2, 2020
No Linkage Found
About Linkage
Multiple bills can contain the same text. This could be an identical bill in the opposite chamber or a smaller bill with a section embedded in a larger bill.
Bill Sponsor regularly scans bill texts to find sections that are contained in other bill texts. When a matching section is found, the bills containing that section can be viewed by clicking "View Bills" within the bill text section.
Bill Sponsor is currently only finding exact word-for-word section matches. In a future release, partial matches will be included.
Introduced in Senate(Jun 2, 2020)
Jun 2, 2020
No Linkage Found
About Linkage
Multiple bills can contain the same text. This could be an identical bill in the opposite chamber or a smaller bill with a section embedded in a larger bill.
Bill Sponsor regularly scans bill texts to find sections that are contained in other bill texts. When a matching section is found, the bills containing that section can be viewed by clicking "View Bills" within the bill text section.
Bill Sponsor is currently only finding exact word-for-word section matches. In a future release, partial matches will be included.
Jump To
S. 3865 (Introduced-in-Senate)


116th CONGRESS
2d Session
S. 3865


To provide for the treatment of certain criminal violations under the paycheck protection program, and for other purposes.

IN THE SENATE OF THE UNITED STATES

June 2, 2020

Mr. Portman (for himself, Mr. Cardin, Mr. Lankford, and Mr. Booker) introduced the following bill; which was read twice and referred to the Committee on Small Business and Entrepreneurship

A BILL

To provide for the treatment of certain criminal violations under the paycheck protection program, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as the “Paycheck Protection Program Second Chance Act”.

SEC. 2. Treatment of certain criminal violations under the paycheck protection program.

(a) In general.—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) TREATMENT OF CERTAIN CRIMINAL VIOLATIONS.—

“(i) ARRESTS OR CONVICTIONS.—Except as provided in clause (ii), an entity that is a business, organization, cooperative, or enterprise shall be an eligible recipient notwithstanding an arrest or conviction under Federal, State, or Tribal law of an owner of not less than 20 percent of the equity of the entity, unless the owner is incarcerated on the date on which the entity applies for a covered loan.

“(ii) FINANCIAL FRAUD OR DECEPTION.—Notwithstanding clause (i), an entity that is a business, organization, cooperative, or enterprise may not receive a covered loan if, during the 5-year period preceding the date on which the entity applies for a covered loan, an owner of not less than 20 percent of the equity of the entity has been convicted of a felony of financial fraud or deception under Federal, State, or Tribal law.

“(iii) WAIVER.—The Administrator may waive the requirements under clause (ii).”.

(b) Rulemaking.—Not later than 15 days after the date of enactment of this Act, the Administrator of the Small Business Administration shall make necessary revisions to any rules of the Administration to carry out the amendment made by subsection (a).