A bill to appropriate additional amounts to provide loans under the paycheck protection program to community development financial institutions and minority depository institutions, and for other purposes.

Read twice and referred to the Committee on Small Business and Entrepreneurship.

Congressional Research Service

Official summary

Version 00 · Introduced in Senate · May 12, 2020

This bill modifies and provides additional funding for the Paycheck Protection Program established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019).

Specifically, the bill provides an additional $10 billion to guarantee paycheck protection loans, $7.5 billion of which shall be for small loans made by community development financial institutions or minority depository institutions.

The bill also

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establishes a grant program to provide assistance to community development financial institutions and minority depository institutions that primarily make small paycheck protection loans;

provides additional funding for the Community Development Financial Institutions Fund and prioritizes support for minority-led community development financial institutions or community development financial institutions that serve communities of color;

authorizes community development financial institutions that are certified by the fund to make and approve paycheck protection loans;

extends the deadline to apply for a paycheck protection loan;

allows recipients up to 24 weeks to use their paycheck protection loan;

and extends the deadline by which a paycheck protection loan recipient must eliminate a reduction in employment, salary, or wages to be eligible for loan forgiveness.

Read the summary on Congress.gov

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People & committees

Who introduced it

Sen. Markey, Edward J. [D-MA] · D–MA

Committees

Small Business and Entrepreneurship Committee

1 cosponsorship records, including any withdrawals

Sen. Duckworth, Tammy [D-IL]

Legislative record

Actions

A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.

May 12, 2020
Read twice and referred to the Committee on Small Business and Entrepreneurship.
May 12, 2020
Introduced in Senate

Primary sources

Bill text & related measures

Text links open the official source. We currently store references to these documents.

Introduced in Senate · May 12, 2020 Formatted Text PDF Formatted XML

Related bills identified by Congress.gov

No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.

Source last updated: Sep 8, 2026. Consult Congress.gov for the current record.

AI Conversation Starters

Explore the bill from different angles

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Neutral evidence review

Objective

Analyze S.3702 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.

View full prompt & sources

Discuss S.3702, 116th Congress: A bill to appropriate additional amounts to provide loans under the paycheck protection program to community development financial institutions and minority depository institutions, and for other purposes.

Official record: https://www.congress.gov/bill/116th-congress/senate-bill/3702

Text version to examine: Introduced in Senate · 2020-05-12.

Official full text: https://www.congress.gov/116/bills/s3702/BILLS-116s3702is.htm

Imported record last updated by the source: 2026-09-08T18:08:35Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Analyze S.3702 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.

Fairness and public impact

Progressive lens

Examine S.3702 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

View full prompt & sources

Discuss S.3702, 116th Congress: A bill to appropriate additional amounts to provide loans under the paycheck protection program to community development financial institutions and minority depository institutions, and for other purposes.

Official record: https://www.congress.gov/bill/116th-congress/senate-bill/3702

Text version to examine: Introduced in Senate · 2020-05-12.

Official full text: https://www.congress.gov/116/bills/s3702/BILLS-116s3702is.htm

Imported record last updated by the source: 2026-09-08T18:08:35Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine S.3702 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

Institutions and government scope

Conservative lens

Examine S.3702 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

View full prompt & sources

Discuss S.3702, 116th Congress: A bill to appropriate additional amounts to provide loans under the paycheck protection program to community development financial institutions and minority depository institutions, and for other purposes.

Official record: https://www.congress.gov/bill/116th-congress/senate-bill/3702

Text version to examine: Introduced in Senate · 2020-05-12.

Official full text: https://www.congress.gov/116/bills/s3702/BILLS-116s3702is.htm

Imported record last updated by the source: 2026-09-08T18:08:35Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine S.3702 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

Individual rights and government power

Liberty lens

Examine S.3702 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.

View full prompt & sources

Discuss S.3702, 116th Congress: A bill to appropriate additional amounts to provide loans under the paycheck protection program to community development financial institutions and minority depository institutions, and for other purposes.

Official record: https://www.congress.gov/bill/116th-congress/senate-bill/3702

Text version to examine: Introduced in Senate · 2020-05-12.

Official full text: https://www.congress.gov/116/bills/s3702/BILLS-116s3702is.htm

Imported record last updated by the source: 2026-09-08T18:08:35Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine S.3702 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.