summary
Introduced
03/23/2020
03/23/2020
In Committee
03/23/2020
03/23/2020
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
To amend the Small Business Investment Act of 1958 to provide additional assistance for small businesses affected by the COVID-19 outbreak, and for other purposes. This bill provides economic assistance to small businesses affected by COVID-19 (i.e., coronavirus disease 2019), and it reestablishes the New Markets Venture Capital Program. Specifically, the bill provides additional leverage for small business investment companies (SBICs) by requiring the Small Business Administration (SBA), when calculating the maximum amount of outstanding leverage made available to SBICs, to exclude a certain amount of outstanding leverage to small businesses affected by COVID-19. Any excluded amounts must be used solely for working capital purposes. The bill also reestablishes the New Markets Venture Capital Program, through which the SBA, in partnership with investment companies, encourages developmental venture capital investment in small businesses located in low-income areas.
AI Summary
This bill provides economic assistance to small businesses affected by COVID-19 (coronavirus disease 2019) and reestablishes the New Markets Venture Capital Program. Specifically, the bill allows the Small Business Administration (SBA) to exclude a certain amount of outstanding leverage to small businesses affected by COVID-19 when calculating the maximum amount of outstanding leverage made available to small business investment companies (SBICs). This excluded amount must be used solely for working capital purposes. The bill also reestablishes the New Markets Venture Capital Program, through which the SBA, in partnership with investment companies, encourages developmental venture capital investment in small businesses located in low-income areas.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Referred to the House Committee on Small Business. (on 03/23/2020)
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/house-bill/6342/all-info |
| BillText | https://www.congress.gov/116/bills/hr6342/BILLS-116hr6342ih.pdf |
| Bill | https://www.congress.gov/116/bills/hr6342/BILLS-116hr6342ih.pdf.pdf |
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