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 business stabilization guaranteed loan program and authority to establish a secondary market in the Small Business Administration, and for other purposes. This bill requires the Small Business Administration (SBA) to carry out a temporary program to guarantee loans made by banks or other lenders to small businesses affected by COVID-19 (i.e., coronavirus disease 2019). Such loans shall be zero-interest, fee-free loans, and up to 50% of the principal on such loans shall be forgiven if a recipient demonstrates that its employment has not decreased between December 31, 2019, and December 31, 2021. In addition to permitted uses of SBA loans, such guaranteed loans may also be used for purposes such as providing employees of the borrower with (1) benefits and wages, (2) technology for shifting to telework or remote work, or (3) necessary items specified by a public health authority to mitigate the spread of COVID-19.
AI Summary
This bill establishes a temporary business stabilization guaranteed loan program in the Small Business Administration (SBA) to provide zero-interest, fee-free loans to small businesses affected by COVID-19. The loans can be used for payroll, benefits, technology for remote work, rent and utilities, and other purposes. Up to 50% of the loan principal can be forgiven if the borrower maintains employment levels between 2019 and 2021. The SBA is required to issue rules to implement the program within 15 days, and $100 billion is authorized for the program.
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/6341/all-info |
| BillText | https://www.congress.gov/116/bills/hr6341/BILLS-116hr6341ih.pdf |
| Bill | https://www.congress.gov/116/bills/hr6341/BILLS-116hr6341ih.pdf.pdf |
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