To require the Administrator of the Small Business Administration reserve amounts appropriated under the paycheck protection program for small entities, and for other purposes.
Maximizing Our Money and Addressing Novel Disasters by Protecting Our Proprietors Act or the MOM-AND-POP Act
This bill reserves assistance under the Paycheck Protection Program, established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019), for specified small entities.
Specifically, the bill establishes a set-aside of at least 25% of amounts appropriated for paycheck protection loans to guarantee loans of $150,000 or less made to small entities such as a (1) business or nonprofit with 25 employees or fewer, (2) sole proprietor, or (3) self-employed individual.
The Small Business Administration must consider implementing a similar set-aside for any future loan programs created in direct response to a major disaster.
Introduced in House
Introduced in House
Referred to the House Committee on Small Business.
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