Small Business Paycheck Protection Loan Program
| Type | Bill |
|---|---|
| Session | 2020 Extraordinary Session |
| Subjects |
Concerning the creation of a small business paycheck protection loan program.
Bill Summary:
The bill creates the small business paycheck protection loan program (program). The program provides loans to eligible small businesses that have received a loan from the federal paycheck protection program, created in the federal "Coronavirus Aid, Relief, and Economic Security Act" ("CARES Act") and expanded in the "Paycheck Protection Program and Health Care Enhancement Act", and that continue to face economic hardship due to the COVID-19 pandemic.
A loan issued to a small business may not exceed the lesser of 20% of the business's approved federal paycheck protection loan or $100,000. Each loan is deferred until the loan's maturity date and may be forgiven if the small business uses the loan solely for qualified purposes.
(Note: This summary applies to this bill as introduced.)
Prime Sponsors
Representative
Larry Liston
Committees
House
Finance
Related Documents & Information
| Date | Version | Documents |
|---|---|---|
| 11/30/2020 | Introduced |
| Activity | Vote | Documents |
|---|---|---|
| Refer House Bill 20B-1015 to the Committee on Appropriations. | The motion failed on a vote of 3-6. | Vote summary |
| Postpone House Bill 20B-1015 indefinitely using a reversal of the previous roll call. There was no objection to the use of the reverse roll call, therefore, the bill was postponed indefinitely. | The motion passed on a vote of 6-3. | Vote summary |
| Date | Location | Action |
|---|---|---|
| 11/30/2020 | House | House Committee on Finance Postpone Indefinitely |
| 11/30/2020 | House | Introduced In House - Assigned to Finance |
Prime Sponsor
Sponsor
Co-Sponsor