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S. 4818, the "Heroes Small Business Lifeline Act"
To provide assistance to small businesses affected by COVID–19, and for other purposes.
H.R. 8675, the "Preventing Regulatory Penalties for PPP Lenders Act"
To require the Federal banking agencies to exclude Paycheck Protection Program loans from certain asset calculations.
S. 4875, the "Protections for Good Faith PPP Borrowers and Lenders Act"
To provide protections for good faith borrowers and lenders under the paycheck protection program, and for other purposes.
H.R. 8686
To amend the CARES Act to require an extension of subsidies for certain loan payments, and for other purposes.
S. 4885
A bill to amend the CARES Act to provide that EIDL emergency grant advance payments shall not be subject to certain reductions.
H.R. 8812
To amend subtitle A of title II of division A of the CARES Act to provide a hardship waiver for certain overpayments of Pandemic Unemployment Assistance.
H.R. 8818
To amend title 11, United States Code, to prohibit private employers to deny employment involving debtors in bankruptcy.
H.R. 8820
To extend the temporary relief for Federal student loan borrowers provided under the CARES Act.
Update on Proposed Extension of the PPP Loan Program – Gotta Read That Fine Print!
By Thomas J. Salerno STINSON LLP
With a change in administration likely within the next two months, and Congress scrambling to agree on another rescue package for millions of Americans facing yet more pandemic related economic hardship as many of the government subsidies and stimulus plans are set to expire the end of December, Senators Rubio and Collins have revamped S. 4321 initially introduced on July 27, 2020 ("Initial Proposed PPP III Legislation"), which would (finally) make the Payroll Protection Program loans ("PPP Loans") available to debtors in bankruptcy. The PPP expired in early August 2020, and S. 4321 became bogged down in neverending partisan politics, and, ultimately, put on the back burner by the Götterdämmerung that was the presidential election. The Initial Proposed PPP III Legislation still had issues, but was, at least, a step in the right direction.
On October 1, 2020, Senators Rubio and Collins apparently reintroduced a different version of the Initial Proposed PPP III Legislation, S. 4773 (the "Amended PPP III Legislation"). One of the first lessons all lawyers learn (some the hard way) is that the devil is always in the details, and you gotta read the fine print! Click here to read the full analysis.
