summary
Introduced
09/24/2020
09/24/2020
In Committee
09/24/2020
09/24/2020
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
Extends the Small Business Debt Relief Program, under which the Small Business Administration (SBA), in response to COVID-19 (i.e., coronavirus disease 2019), was authorized to make six months of payments for certain SBA-backed loan products on behalf of the recipients of these loans.
AI Summary
This bill extends the Small Business Debt Relief Program, which was authorized under the CARES Act to make six months of payments on behalf of recipients of certain SBA-backed loan products in response to COVID-19. The bill extends the payment periods for different types of covered loans, ranging from 6 months to 18 months, and requires the SBA to provide updated information, guidance, and outreach to lenders and borrowers to ensure full compliance with the program. The bill also allows the SBA to further extend the 18-month payment period if there are sufficient funds, and permits lenders to consider the SBA's payments as part of their underwriting process for new loans.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Referred to the Committee on Small Business, and in addition to the Committee on 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. (on 09/24/2020)
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/8376/all-info |
| BillText | https://www.congress.gov/116/bills/hr8376/BILLS-116hr8376ih.pdf |
| Bill | https://www.congress.gov/116/bills/hr8376/BILLS-116hr8376ih.pdf.pdf |
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