HR 6893
More PPP Act
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- Passed Senate
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Bill overview
The More PPP Act amends the Paycheck Protection Program (PPP) established during the COVID-19 pandemic to provide additional funding and modify eligibility requirements. Specifically, the bill increases the total available funding for PPP loans by $560 billion and an additional $571 billion through 2021. It also sets aside $200 billion for loans to small businesses with 25 or fewer employees, sole proprietors, independent contractors, and self-employed individuals. The bill includes changes to make publicly traded companies ineligible for PPP loans and requires borrowers to demonstrate a 20% decline in revenue.
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