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Small Business Paycheck Protection Loan Program

Concerning the creation of a small business paycheck protection loan program.
2020 Extraordinary Session
Business & Economic Development
Labor & Employment
Bill Summary

The bill creates the small business paycheck protection loan program (program). The program provides loans to eligible small businesses that have received a loan from the federal paycheck protection program, created in the federal "Coronavirus Aid, Relief, and Economic Security Act" ("CARES Act") and expanded in the "Paycheck Protection Program and Health Care Enhancement Act", and that continue to face economic hardship due to the COVID-19 pandemic.

A loan issued to a small business may not exceed the lesser of 20% of the business's approved federal paycheck protection loan or $100,000. Each loan is deferred until the loan's maturity date and may be forgiven if the small business uses the loan solely for qualified purposes.

(Note: This summary applies to this bill as introduced.)




Bill Text

The effective date for bills enacted without a safety clause is August 7, 2024, if the General Assembly adjourns sine die on May 8, 2024, unless otherwise specified. Details