,,ii #aafth ,,congress #b;d ,session ,s4 #djad ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,june #ah1 #bjbj,mr4 ,cardin 7for himself1 ,mr4 ,coons1 ,mrs4 ,shaheen1 and ,mr4 ,casey7 introduced the following bill2 which was read twice and referred to the ,committee on ,small ,business and ,entrepreneurship ,a ,,bill ,to provide for supplemental loans under the ,paycheck ,protection ,program4 #a4 ,short title ,this ,act may be cited as the ,prioritized ,paycheck ,protection ,program ,act or the ,p#d ,act4 #b4 ,paycheck ,protection ,program improvements 7a7 ,extension for certain business concerns ,section #g7;a77#cf77;,b7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77;,b77 is amended-- 7#a7 by striking ,except and inserting the following3 7i7 ,in general ,except 2 and 7#b7 by adding at the end the following3 7ii7 ,supplemental ,,ppp loans 7,i7 ,definitions ,in this clause-- 7aa7 the terms exchange1 issuer1 and security have the meanings given such terms in section #c7;a7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;c7a772 7bb7 the term gross receipts means gross receipts within the meaning of section #ddh7;c7 of the ,internal ,revenue ,code of #aihf2 7cc7 the term national securities exchange means an exchange registered as a national securities exchange under section #f of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;f72 7dd7 the term publicly traded entity means an issuer1 the securities of which are listed on a national securities exchange2 7ee7 the term smaller concern means an eligible recipient that-- 7,,aa7 has not more than #ajj employees2 7,,bb7 operates under a sole proprietorship or as an independent contractor2 or 7,,cc7 is an eligible self-employed individual2 and 7ff7 the term significant loss in revenue means that1 due to the impact of ,,covid-#ai-- 7,,aa7 the gross receipts of the eligible recipient during the first or second calendar quarter of #bjbj are less than #ej percent of the gross receipts of the eligible recipient during the same calendar quarter in #bjai2 7,,bb7 if the eligible recipient was not in business on ,april #a1 #bjai1 the gross receipts of the eligible recipient during any #b-month period during the first #b calendar quarters of #bjbj are less than #ej percent of the amount of the gross receipts of the eligible recipient during any prior #b-month period during the first #b calendar quarters of #bjbj2 or 7,,cc7 if the eligible recipient is seasonal employer1 as determined by the ,administrator1 the gross receipts of the eligible recipient during any #b-month period during the first #b calendar quarters of #bjbj are less than #ej percent of the amount of the gross receipts of the eligible recipient during the same #b-month period in #bjai4 7,,ii7 ,authority ,except as otherwise provided in this clause1 for an eligible recipient that has received a covered loan under clause 7i71 the ,administrator may guarantee a single supplemental covered loan to the eligible recipient under the same terms1 conditions1 and processes as a covered loan made under clause 7i74 7,,iii7 ,application deadline ,an eligible recipient shall submit an application for a supplemental covered loan under this clause not later than ,october #a1 #bjbj1 or such later date as the ,administrator determines appropriate4 7,,iv7 ,choice of lender ,an eligible recipient may apply for a supplemental covered loan under this clause with the lender that made the covered loan under clause 7i7 to the eligible recipient or another lender4 7,v7 ,eligibility 7aa7 ,in general ,a supplemental covered loan under this clause-- 7,,aa7 may be made to an eligible recipient that is a smaller concern1 has had a significant loss in revenue1 and has used1 or is expending funds at a rate that the eligible recipient will use on or before the expected date of the disbursement of the supplemental covered loan under this clause1 the full amount of the covered loan received under clause 7i72 and 7,,bb7 may not be made to a publicly traded entity4 7bb7 ,business concerns with more than #a physical location 7,,aa7 ,in general ,for purposes of a supplemental covered loan under this clause1 subparagraph 7,d77iii7 shall be applied by substituting not more than #ajj employees per physical location for not more than #ejj employees per physical location4 7,,bb7 ,limit for multiple locations ,for an eligible recipient with more than #a physical location1 the total amount of all supplemental covered loans under this clause to the eligible recipient shall not be more than #b1jjj1jjj4 7,,vi7 ,maximum amount for supplemental ,,ppp ,the maximum amount of a supplemental covered loan under this clause is the lesser of-- 7aa7 the product obtained by multiplying-- 7,,aa7 the average total monthly payments for payroll costs by the eligible recipient used to determine the maximum amount of the covered loan under clause 7i7 made to the eligible recipient under this paragraph2 by 7,,bb7 #b4e2 or 7bb7 #b1jjj1jjj4 7,,vii7 ,exception from certain certification requirements ,an eligible recipient applying for a supplemental covered loan under this clause shall not be required to make the certification described in subclauses 7,,iii7 or 7,,iv7 of subparagraph 7,g77i74 7,,viii7 ,reimbursement for processing supplemental ,,ppp ,for a supplemental covered loan under this clause of not more than #ej1jjj1 the reimbursement under subparagraph 7,p77,i7 by the ,administrator shall not be less than #b1ejj4 7iii7 ,priority for smallest recipients 7,i7 ,application processing ,in processing applications to guarantee covered loans1 the ,administrator shall1 taking into account the sense of the ,senate on giving priority to underserved and rural borrowers under subparagraph 7,p77iv71 prioritize the processing of applications to guarantee covered loans under clause 7i7 or 7ii7 to eligible recipients that have not more than #aj employees4 7,,ii7 ,funding priority ,the ,administrator shall ensure that-- 7aa7 of the unobligated balances available for covered loans on the date of enactment of the ,prioritized ,paycheck ,protection ,program ,act1 not less than the lesser of #bj percent of such unobligated balances or #be1jjj1jjj1jjj is used for guaranteeing covered loans under clause 7i7 or 7ii7 to eligible recipients that have not more than #aj employees2 and 7bb7 to the extent additional amounts are made available for covered loans after the date of enactment of the ,prioritized ,paycheck ,protection ,program ,act1 not less than the lesser of #bj percent of the sum of the unobligated balances described in subitem 7,,aa7 and such additional amounts or #be1jjj1jjj1jjj is used for guaranteeing covered loans under clause 7i7 or 7ii7 to eligible recipients that have not more than #aj employees4 4 7b7 ,covered periods 7#a7 ,authority to extend period for making ,,ppp and ,p#d loans ,section #g7;a77#cf77;,a77iii7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77;,a77iii77 is amended by inserting 1 or such later date as the ,administrator determines appropriate after ,december #ca1 #bjbj4 7#b7 ,period for costs that are eligible for forgiveness and application submission ,section #aajf of the ,,cares ,act 7,public ,law #aaf-acf7 is amended-- 7,a7 in subsection 7a71 by striking paragraph 7#c7 and inserting the following3 7#c7 the term covered period means the period-- 7,a7 beginning on the date of the origination of a covered loan2 and 7,b7 ending on a date selected by the eligible recipient of the covered loan that occurs during the period-- 7i7 beginning on the date that is #h weeks after such date of origination2 and 7ii7 ending on ,december #ca1 #bjbj1 or such later date as the ,administrator determines appropriate4 2 7,b7 in subsection 7d71 by inserting 1 or such later date as the ,administrator determines appropriate after ,december #ca1 #bjbj each place it appears2 7,c7 in subsection 7e71 in the matter preceding paragraph 7#a71 by striking ,an eligible recipient and inserting ,after the end of the covered period with respect to an eligible recipient1 the eligible recipient2 and 7,d7 by striking subsection 7l74 7#c7 ,applicability of amendments ,the amendments made by paragraph 7#b7 shall apply to a loan made under paragraph 7#cf7 of section #g7;a7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77 before1 on1 or after the date of enactment of this ,act4 7c7 ,implementation of ,inspector ,general suggested actions for ,,ppp oversight ,not later than #e days after the date of enactment of this ,act1 the ,administrator of the ,small ,business ,administration shall-- 7#a7 issue guidance to prioritize underserved businesses1 as described in the sense of the ,senate provision under subparagraph 7,p77iv7 of section #g7;a77#cf7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf772 7#b7 issue an updated loan origin application for initial covered loans under such section and issue an origin application for supplemental covered loans under such section that collects demographic data to provide transparency for lending to underserved and rural markets1 as required under subparagraph 7,p7 of such section2 7#c7 implement the loan registration required under such section2 and 7#d7 consistent with information that the ,administrator makes available on loans made by the ,administration in compliance with section #eeb of title #e1 ,united ,states ,code 7commonly known as the ,freedom of ,information ,act71 begin publishing on the website of the ,administration information about the paycheck protection program under section #g7;a77#cf7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf771 including initial covered loans and supplemental covered loans1 including-- 7,a7 the name of each business or nonprofit organization borrower2 7,b7 the address of the principal place of business of each borrower2 7,c7 the name and address of the principal place of business of each lender2 7,d7 the amount of each loan2 7,e7 the ,north ,american ,industry ,classification ,system code of each borrower2 7,f7 whether each borrower is a franchisee2 and 7,g7 the type of business of each borrower4 7d7 ,forgiveness compensation fees ,section #g7;a77#cf77,p7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77,p77 is amended by adding at the end the following3 7v7 ,forgiveness application assistance ,with respect to initial covered loans and supplemental covered loans1 the ,administrator may reimburse an agent that assists an eligible recipient in preparing an application for and documentation required to obtain forgiveness under section #aajf of the ,cares ,act 7,public ,law #aaf-acf71 in an amount not to exceed #ejj4 4 7e7 ,amount authorized for commitments ,section #aajb7;b7 of the ,,cares ,act 7,public ,law #aaf-acf7 is amended to read as follows3 7b7 ,commitments for ,,ppp and other #g7;a7 loans 7#a7 ,,ppp loans ,during the period beginning on the date of enactment of the ,prioritized ,paycheck ,protection ,program ,act and ending on ,december #ca1 #bjbj1 or such later date as the ,administrator determines appropriate1 subject to the availability of appropriations1 the ,administrator may make commitments under paragraph 7#cf7 of section #g7;a7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77 in such amounts as the ,administrator determines necessary4 7#b7 ,other #g7;a7 ,loans ,during fiscal year #bjbj1 the amount authorized for commitments for section #g7;a7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77 under the heading ,,business ,,loans ,,program ,,account under the heading ,small ,business ,administration under title ,v of the ,consolidated ,appropriations ,act1 #bjbj 7,public ,law #aaf-ic2 #acc ,stat4 #bdge7 shall apply with respect to any commitments under such section #g7;a7 other than under paragraph 7#cf7 of such section #g7;a74 4