Keeping Our Promise to Small Businesses Act

Keeping Our Promise to Small Businesses Act

This bill provides additional funding to the Small Business Administration (SBA) for the Paycheck Protection Program, which was established to assist small businesses during the COVID-19 pandemic.

Specifically, the bill provides the additional funding for the cost of

• processing loan applications that were submitted on or before May 4, 2021; and
• providing guaranteed loans to eligible entities that apply on or before May 31, 2021, have no more than 100 employees, and are located in a state with an unemployment rate of at least 6%.

In guaranteeing the new loans, the SBA must give a preference to entities that are women-, minority-, or veteran-owned.