Bill
Bill > S3519
US S3519
A bill to authorize the Administrator of the Small Business Administration to subsidize payments on loans guaranteed under the 7(a) and 504 loan programs or made using funds under the microloan program, and for other purposes.
summary
Introduced
03/18/2020
03/18/2020
In Committee
03/18/2020
03/18/2020
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
A bill to authorize the Administrator of the Small Business Administration to subsidize payments on loans guaranteed under the 7(a) and 504 loan programs or made using funds under the microloan program, and for other purposes. This bill requires the Small Business Administration (SBA) to pay the principal, interest, and any associated fees owed on certain loans made to small businesses for a six month period. The SBA must also encourage the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and state bank regulators to not require lenders to increase their reserves on account of receiving such payments made by the SBA. The SBA shall waive statutory limits on maximum loan maturities for certain loan durations where the lender provides a deferral and extends the maturity of such loans and, when necessary to provide more time because of difficulties during the COVID-19 (i.e., coronavirus disease 2019) pandemic, extend lender site visit requirements.
AI Summary
This bill authorizes the Small Business Administration (SBA) to subsidize payments on certain small business loans, including those guaranteed under the 7(a) and 504 loan programs, as well as microloans, for a 6-month period. The SBA must also encourage federal and state banking regulators to not require lenders to increase their loan loss reserves due to these subsidized payments. Additionally, the bill allows the SBA to waive statutory limits on maximum loan maturities and extend lender site visit requirements to provide small businesses with more time and flexibility during the COVID-19 pandemic.
Committee Categories
Business and Industry
Sponsors (16)
Chris Coons (D)*,
Maria Cantwell (D),
Ben Cardin (D),
Steve Daines (R),
Tammy Duckworth (D),
Kirsten Gillibrand (D),
Maggie Hassan (D),
Mazie Hirono (D),
Angus King (I),
Amy Klobuchar (D),
Ed Markey (D),
Patty Murray (D),
Jeanne Shaheen (D),
Jon Tester (D),
Chris Van Hollen (D),
Ron Wyden (D),
Last Action
Read twice and referred to the Committee on Small Business and Entrepreneurship. (on 03/18/2020)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/senate-bill/3519/all-info |
| BillText | https://www.congress.gov/116/bills/s3519/BILLS-116s3519is.pdf |
| Bill | https://www.congress.gov/116/bills/s3519/BILLS-116s3519is.pdf.pdf |
Loading...