S. 242 — Introduced in Senate

II 117th CONGRESS 1st Session S. 242 IN THE SENATE OF THE UNITED STATES February 4, 2021Mr. Reed introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To provide for an extension of temporary financing of short-time compensation programs. 1. Short title This Act may be cited as the Layoff Prevention Act of 2021. 2. Extension of temporary financing of short-time compensation payments in States with programs in law Section 2108(b)(2) of the CARES Act (15 U.S.C. 9026(b)(2)) is amended by striking March 14, 2021 and inserting the date that is 5 years and 6 months after the date of enactment of the Layoff Prevention Act of 2021. 3. Extension of temporary financing of short-time compensation agreements Section 2109(d)(2) of the CARES Act (15 U.S.C. 9027(d)(2)) is amended by striking March 14, 2021 and inserting the date that is 2 years and 13 weeks after the date of enactment of the Layoff Prevention Act of 2021. 4. Extension of grants for short-time compensation programs (a) Extension; additional funding Section 2110 of the CARES Act (15 U.S.C. 9028) is amended— (1) in subsection (b)(1), by striking $100,000,000 and inserting $200,000,000; (2) in subsection (c)(1), by striking December 31, 2023 and inserting December 31, 2026; and (3) in subsection (g), by striking $100,000,000 and inserting $200,000,000. (b) Effective date The amendments made by subsection (a) shall take effect as if included in the enactment of the CARES Act (Public Law 116–136).