HR 6918
Paycheck Recovery Act of 2020
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
The Paycheck Recovery Act of 2020 aims to provide financial assistance to small businesses and employers affected by the COVID-19 pandemic. It establishes a grant program, overseen by an oversight board, that distributes funds to cover lost revenue, wages, and operating expenses. Eligible employers must meet specific criteria, including revenue loss thresholds and labor protections, and the program will conclude when the national unemployment rate falls below 7% for three consecutive months. The bill also includes provisions for rehiring bonuses and ensures compliance with existing bankruptcy laws.
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