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Remote Recreational Small Business Interruption Program

USA116th CongressHR-7845| House 
| Updated: 7/29/2020
Collin C. Peterson

Collin C. Peterson

Democratic Representative

Minnesota

Small Business Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Remote Recreational Small Business Interruption Program This bill requires the Small Business Administration (SBA) to establish a program to make forgivable loans to certain remote recreational businesses that are impacted by border closures due to COVID-19 (i.e., coronavirus disease 2019). Eligible remote recreational businesses must (1) have experienced a loss in revenue that is greater than 50% between March 1, 2020, and July 1, 2020, as compared with the same period in the previous year; and (2) show that the closure of the U.S.-Canada border restricted the ability of American customers to access the location of such business. The maximum loan amount shall be equal to 75% of the business's FY2019 revenue, and the SBA shall forgive 100% of the value of such loan, less the amount the borrower received from (1) any other loan forgiveness program, and (2) any emergency advance under the economic impact disaster loan program.
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Timeline
Jul 29, 2020
Introduced in House
Jul 29, 2020
Referred to the House Committee on Small Business.
Sep 10, 2020

Latest Companion Bill Action

S 116-4560
Introduced in Senate
  • July 29, 2020
    Introduced in House


  • July 29, 2020
    Referred to the House Committee on Small Business.


  • September 10, 2020

    Latest Companion Bill Action

    S 116-4560
    Introduced in Senate

Commerce

Related Bills

  • S 116-4560: Remote Recreational Small Business Interruption Program Act
CanadaCardiovascular and respiratory healthEmergency medical services and trauma careGovernment lending and loan guaranteesInfectious and parasitic diseasesOutdoor recreationSmall business

Remote Recreational Small Business Interruption Program

USA116th CongressHR-7845| House 
| Updated: 7/29/2020
Remote Recreational Small Business Interruption Program This bill requires the Small Business Administration (SBA) to establish a program to make forgivable loans to certain remote recreational businesses that are impacted by border closures due to COVID-19 (i.e., coronavirus disease 2019). Eligible remote recreational businesses must (1) have experienced a loss in revenue that is greater than 50% between March 1, 2020, and July 1, 2020, as compared with the same period in the previous year; and (2) show that the closure of the U.S.-Canada border restricted the ability of American customers to access the location of such business. The maximum loan amount shall be equal to 75% of the business's FY2019 revenue, and the SBA shall forgive 100% of the value of such loan, less the amount the borrower received from (1) any other loan forgiveness program, and (2) any emergency advance under the economic impact disaster loan program.
View Full Text

Suggested Questions

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

Timeline
Jul 29, 2020
Introduced in House
Jul 29, 2020
Referred to the House Committee on Small Business.
Sep 10, 2020

Latest Companion Bill Action

S 116-4560
Introduced in Senate
  • July 29, 2020
    Introduced in House


  • July 29, 2020
    Referred to the House Committee on Small Business.


  • September 10, 2020

    Latest Companion Bill Action

    S 116-4560
    Introduced in Senate
Collin C. Peterson

Collin C. Peterson

Democratic Representative

Minnesota

Small Business Committee

Commerce

Related Bills

  • S 116-4560: Remote Recreational Small Business Interruption Program Act
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
CanadaCardiovascular and respiratory healthEmergency medical services and trauma careGovernment lending and loan guaranteesInfectious and parasitic diseasesOutdoor recreationSmall business