Bill
Bill > HR6333
US HR6333
US HR6333To establish a Small Business Financial Assistance Program to support small businesses during the COVID-19 emergency, and for other purposes.
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 establish a Small Business Financial Assistance Program to support small businesses during the COVID-19 emergency, and for other purposes. This bill requires the Department of the Treasury to establish a Small Business Financial Assistance Program to provide loans and loan guarantees to small businesses. Such loans shall be zero-interest loans, provided a recipient does not involuntarily terminate any employee during the COVID-19 (i.e., coronavirus disease 2019) emergency. If a recipient demonstrates that its full-time employment has not decreased after one year, the Treasury shall forgive the remaining outstanding principal and interest on such loan or loan guarantee. Further, the Treasury may, upon request, provide applicants with a cash advance on such loans.
AI Summary
This bill establishes a Small Business Financial Assistance Program within the Department of the Treasury to provide zero-interest loans and loan guarantees to small businesses during the COVID-19 emergency. The bill requires a simple application process and clear underwriting standards for the loans. If a small business receiving a loan does not involuntarily terminate any employees during the COVID-19 emergency, the loan will be interest-free. The bill also allows the Treasury to provide cash advances to applicants, and if a small business can demonstrate that its full-time employment has not decreased one year after receiving the loan, the Treasury will forgive the remaining outstanding principal and interest on the loan or loan guarantee. The bill allocates $50 billion from the Exchange Stabilization Fund to fund the program.
Committee Categories
Business and Industry
Sponsors (2)
Last Action
Referred to the Committee on Small Business, and in addition to the Committee on Financial Services, 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. (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/6333/all-info |
| BillText | https://www.congress.gov/116/bills/hr6333/BILLS-116hr6333ih.pdf |
| Bill | https://www.congress.gov/116/bills/hr6333/BILLS-116hr6333ih.pdf.pdf |
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