US HR6304

Bill

Small Business Repayment Relief Act of 2020

Introduced
03/19/2020

In Committee
03/19/2020

Crossed Over

Passed

Dead
12/31/2020

Introduced Session

116th Congress

Bill Summary

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, the Small Business Repayment Relief Act of 2020, authorizes the Small Business Administration (SBA) to subsidize the principal, interest, and fees owed on certain small business loans for a 6-month period. The bill covers loans guaranteed under the SBA's 7(a) and 504 loan programs, as well as microloans made using SBA funds. The SBA must also encourage banking regulators to not require lenders to increase their loan loss reserves due to these SBA-made payments. Additionally, the bill waives limits on maximum loan maturities for covered loans where the lender provides a deferral and extends the maturity, and extends the time for the SBA to conduct certain site visits for loans in liquidation or default due to challenges posed by the COVID-19 pandemic.

Committee Categories

Business and Industry

Sponsors (8)

Antonio Delgado (D)*, Cindy Axne (D), André Carson (D), Judy Chu (D), Jason Crow (D), Eleanor Holmes Norton (D), Chris Pappas (D), Nydia Velázquez (D),

Last Action

Referred to the House Committee on Small Business. (on 03/19/2020)

Official Document

https://www.congress.gov/bill/116th-congress/house-bill/6304/all-info

(5 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://www.congress.gov/bill/116th-congress/house-bill/6304/all-info
BillText	https://www.congress.gov/116/bills/hr6304/BILLS-116hr6304ih.pdf
Bill	https://www.congress.gov/116/bills/hr6304/BILLS-116hr6304ih.pdf.pdf

Bill	Bill Name	Last Action	Type
HR6312	COVID–19 Relief for Small Businesses Act of 2020	Referred to the House Committee on Small Business.	Related
HR6379	Take Responsibility for Workers and Families Act Workforce Emergency Response Act of 2020	Referred to the Committee on Appropriations, and in addition to the Committees on the Budget, and Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.	Related
HR6396	Responsible Relief for Americans Act	Referred to the Subcommittee on Health.	Related
HR748	Middle Class Health Benefits Tax Repeal Act of 2019	Committee on Small Business and Entrepreneurship. Hearings held.	Related
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.	Read twice and referred to the Committee on Small Business and Entrepreneurship.	Related

Bill > HR6304

US HR6304

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (8)

Last Action

Official Document

bill text

bill summary

bill summary

bill summary