1. Short title; table of contents (a) Short title This Act may be cited as the Paycheck Recovery Act of 2020 . (b) Table of contents The table of contents for this Act is as follows: Sec. 1. Short title; table of contents. Sec. 2. Paycheck recovery program. Sec. 3. Conditions in general. Sec. 4. Conditions relating to labor protections. Sec. 5. Application of bankruptcy provisions. Sec. 6. Rehiring bonus and Pandemic Unemployment Compensation. Sec. 7. Audits and penalties. Sec. 8. Paycheck Recovery Program Implementation Oversight Board. Sec. 9. Severability. Sec. 10. Definitions. 2. Paycheck recovery program (a) Program authorized The Secretary of the Treasury (in this Act referred to as the Secretary ) shall establish a grant program (in this Act referred to as the Program ) to award grants to carry out the activities described in subsection (f). (b) Eligibility (1) Loss of revenue and small businesses (A) Loss of revenue eligibility The Secretary shall award a grant under the Program to an employer that submits an application under subsection (c) and has experienced, or anticipates experiencing, a loss of revenue as a result of the coronavirus disease 2019 (COVID–19)— (i) for an employer that is not a new employer, in an amount that is at least 10 percent of the gross receipts of the employer for the corresponding 2019 period that relates to the calendar quarter in which the employer submits such application; or (ii) for a new employer, in an amount that is at least 10 percent of the gross receipts of the new employer for the period for which the new employer most recently filed employment tax information with the Secretary. (B) Small business eligibility Regardless of whether the employer meets the requirements of subparagraph (A), the Secretary shall award a grant under the Program to an employer that submits an application under subsection (c) if— (i) the employer employed 20 or fewer employees on March 1, 2020