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Bill > S3554
US S3554
COVID–19 RELIEF for Small Businesses Act of 2020 COVID–19 Recovery by Enhancing Loan, Investment, and Education Funds for Small Businesses Act of 2020
summary
Introduced
03/20/2020
03/20/2020
In Committee
03/20/2020
03/20/2020
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
COVID-19 RELIEF for Small Businesses Act of 2020 COVID-19 Recovery by Enhancing Loan, Investment, and Education Funds for Small Businesses Act of 2020 This bill establishes measures to provide assistance to small businesses impacted by COVID-19 (i.e., coronavirus disease 2019). Specifically, the Small Business Administration (SBA) must (1) provide economic injury grants for certain small businesses that have suffered substantial economic injury resulting from COVID-19; (2) establish a program to make direct loans to small businesses, up to 50% of which may be forgiven; and (3) pay the principal, interest, and associated fees on certain SBA loans, including microloans, for a six-month period. The bill also temporarily increases guarantee amounts and loan sizes for certain SBA loans, temporarily waives or reduces certain fees on SBA loans, and permanently waives the guarantee fee on SBA loans for veterans; revises the Microloan Program to increase available funds, extend repayment terms, and waive certain requirements for technical assistance grants; provides additional funding for small business economic development programs; revises and makes permanent the SBA's Intermediary Lending Program, the Community Advantage Loan Program, the Small Business Innovation Research Program, and the Small Business Technology Transfer Program; establishes the Innovation Centers Program whereby the SBA shall enter into cooperative agreements with certain entities to spur innovation and economic growth in underserved and rural communities; and establishes the Office of Emerging Markets to oversee the planning, coordination, and implementation of SBA efforts to enhance the economic well-being of small businesses in emerging markets. The federal government must grant certain flexibilities (e.g., additional performance time) to small business federal contractors and expedite the contract award process.
AI Summary
This bill establishes measures to provide assistance to small businesses impacted by COVID-19. Specifically, it requires the Small Business Administration (SBA) to provide economic injury grants for certain small businesses that have suffered substantial economic injury from COVID-19, establish a program to make direct loans to small businesses (up to 50% of which may be forgiven), and pay the principal, interest, and fees on certain SBA loans for six months. The bill also temporarily increases guarantee amounts and loan sizes for certain SBA loans, temporarily waives or reduces certain fees, and permanently waives the guarantee fee for veterans. It revises and makes permanent the SBA's Microloan Program, Intermediary Lending Program, Community Advantage Loan Program, Small Business Innovation Research Program, and Small Business Technology Transfer Program. The bill also establishes the Innovation Centers Program to spur innovation and economic growth in underserved and rural communities, and creates the Office of Emerging Markets to oversee the SBA's efforts to enhance the economic well-being of small businesses in emerging markets.
Committee Categories
Business and Industry
Sponsors (10)
Ben Cardin (D)*,
Cory Booker (D),
Maria Cantwell (D),
Chris Coons (D),
Tammy Duckworth (D),
Mazie Hirono (D),
Ed Markey (D),
Gary Peters (D),
Jacky Rosen (D),
Jeanne Shaheen (D),
Last Action
Read twice and referred to the Committee on Small Business and Entrepreneurship. (on 03/20/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
Document Type | Source Location |
---|---|
State Bill Page | https://www.congress.gov/bill/116th-congress/senate-bill/3554/all-info |
BillText | https://www.congress.gov/116/bills/s3554/BILLS-116s3554is.pdf |
Bill | https://www.congress.gov/116/bills/s3554/BILLS-116s3554is.pdf.pdf |
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