Business Borrowers Protection Act This bill prohibits a creditor from enforcing a loan covenant that requires the accelerated repayment of a loan if the borrower receives a loan under certain COVID-19 (i.e., coronavirus disease 2019) economic aid programs. Additionally, a creditor is prohibited from enforcing any loan covenant beginning on the date of enactment of this bill and ending one year after the termination of the COVID-19 national emergency.
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Timeline
Introduced in House
Referred to the House Committee on Financial Services.
Introduced in House
Referred to the House Committee on Financial Services.
Finance and Financial Sector
Administrative law and regulatory proceduresBanking and financial institutions regulationCardiovascular and respiratory healthCredit and credit marketsDepartment of the TreasuryEmergency medical services and trauma careGovernment lending and loan guaranteesInfectious and parasitic diseasesSmall business
Business Borrowers Protection Act
USA116th CongressHR-6790| House
| Updated: 5/8/2020
Business Borrowers Protection Act This bill prohibits a creditor from enforcing a loan covenant that requires the accelerated repayment of a loan if the borrower receives a loan under certain COVID-19 (i.e., coronavirus disease 2019) economic aid programs. Additionally, a creditor is prohibited from enforcing any loan covenant beginning on the date of enactment of this bill and ending one year after the termination of the COVID-19 national emergency.
Administrative law and regulatory proceduresBanking and financial institutions regulationCardiovascular and respiratory healthCredit and credit marketsDepartment of the TreasuryEmergency medical services and trauma careGovernment lending and loan guaranteesInfectious and parasitic diseasesSmall business