Keeping Our Promise to Small Businesses Act
Last action on May 18, 2021Read twice and referred to the Committee on Appropriations.
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Summary
The Keeping Our Promise to Small Businesses Act (S. 1690) would provide additional funding to the Small Business Administration to process a backlog of Paycheck Protection Program (PPP) loan applications. The bill specifically targets support for small businesses with 100 or fewer employees located in states with unemployment rates of at least 6%. Under this legislation, the government would prioritize processing applications from businesses owned by veterans, women, and minorities to ensure these employers receive pandemic-related financial assistance.
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