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Business Borrowers Protection Act

USA116th CongressHR-6549| House 
| Updated: 4/17/2020
Brad Sherman

Brad Sherman

Democratic Representative

California

Financial Services Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Business Borrowers Protection Act This bill prohibits a lender from requiring a borrower to repay on an accelerated basis any loan received under a governmental program responding to COVID-19 (i.e., coronavirus disease 2019). Further, a lender may not consider such a loan for purposes of determining whether the lender has the right to accelerate the due date of any loan agreement. In addition, until two years after the termination of the COVID-19 national emergency, the bill (1) declares it to be U.S. policy that lenders should not accelerate due dates for any business loans or curtail any lines of credit, and (2) releases from liability a trustee that decides not to enforce a loan covenant that accelerates repayment under a loan agreement or reduces the availability of funds under a line of credit.
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Timeline
Apr 17, 2020
Introduced in House
Apr 17, 2020
Referred to the House Committee on Financial Services.
  • April 17, 2020
    Introduced in House


  • April 17, 2020
    Referred to the House Committee on Financial Services.

Commerce

Cardiovascular and respiratory healthCredit and credit marketsEconomic performance and conditionsEmergency medical services and trauma careGovernment lending and loan guaranteesInfectious and parasitic diseasesSmall business

Business Borrowers Protection Act

USA116th CongressHR-6549| House 
| Updated: 4/17/2020
Business Borrowers Protection Act This bill prohibits a lender from requiring a borrower to repay on an accelerated basis any loan received under a governmental program responding to COVID-19 (i.e., coronavirus disease 2019). Further, a lender may not consider such a loan for purposes of determining whether the lender has the right to accelerate the due date of any loan agreement. In addition, until two years after the termination of the COVID-19 national emergency, the bill (1) declares it to be U.S. policy that lenders should not accelerate due dates for any business loans or curtail any lines of credit, and (2) releases from liability a trustee that decides not to enforce a loan covenant that accelerates repayment under a loan agreement or reduces the availability of funds under a line of credit.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Apr 17, 2020
Introduced in House
Apr 17, 2020
Referred to the House Committee on Financial Services.
  • April 17, 2020
    Introduced in House


  • April 17, 2020
    Referred to the House Committee on Financial Services.
Brad Sherman

Brad Sherman

Democratic Representative

California

Financial Services Committee

Commerce

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Cardiovascular and respiratory healthCredit and credit marketsEconomic performance and conditionsEmergency medical services and trauma careGovernment lending and loan guaranteesInfectious and parasitic diseasesSmall business