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.
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.
CanadaCardiovascular and respiratory healthEmergency medical services and trauma careGovernment lending and loan guaranteesInfectious and parasitic diseasesOutdoor recreationSmall business