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
In guaranteeing the new loans, the SBA must give a preference to entities that are women-, minority-, or veteran-owned.
To provide direct appropriations for processing applications for the 
          paycheck protection program, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Keeping Our Promise to Small 
Businesses Act''.

SEC. 2. APPROPRIATIONS FOR PAYCHECK PROTECTION PROGRAM.

    (a) Appropriations.--There is appropriated, out of amounts in the 
Treasury not otherwise appropriated, to remain available until 
expended, for additional amounts--
            (1) such sums as may be necessary under the heading ``Small 
        Business Administration--Business Loans Program Account, CARES 
        Act'' for the cost of processing applications for loans under 
        paragraph (36) or (37) of section 7(a) of the Small Business 
        Act (15 U.S.C. 636(a)) that were submitted on or before May 4, 
        2021; and
            (2) $5,000,000,000 under the heading ``Small Business 
        Administration--Business Loans Program Account, CARES Act'' for 
        the cost of guaranteed loans under paragraph (36) or (37) of 
        section 7(a) of the Small Business Act (15 U.S.C. 636(a)) 
        provided to eligible entities that--
                    (A) submit an application for such a loan on or 
                before May 31, 2021;
                    (B) have not more than 100 employees; and
                    (C) are located in a State that, as of March 1, 
                2021, had an unemployment rate of not less than 6 
                percent.
    (b) Preference.--In guaranteeing loans using amounts appropriated 
under subsection (a)(2), the Administrator of the Small Business 
Administration shall give a preference to eligible entities that are 
women-, minority-, or veteran-owned.
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Keeping Our Promise to Small Businesses Act
A bill to provide direct appropriations for processing applications for the paycheck protection program, and for other purposes.
Keeping Our Promise to Small Businesses Act
Sen. Rosen, Jacky