This bill establishes certain measures related to small business disaster loans made in response to COVID-19 (i.e., coronavirus disease 2019). Specifically, the bill authorizes the Small Business Administration to forgive the outstanding principal balance of a small business disaster loan made in response to COVID-19 if the borrower maintains all of its employees at full pay and benefits throughout the duration of the declared national emergency. The bill also raises the maximum amount for a disaster loan made in response to COVID-19, and it waives the requirement that a borrower demonstrate an inability to obtain credit elsewhere.
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Timeline
Introduced in Senate
Read twice and referred to the Committee on Small Business and Entrepreneurship.
Introduced in Senate
Read twice and referred to the Committee on Small Business and Entrepreneurship.
Commerce
Cardiovascular and respiratory healthDisaster relief and insuranceEmergency medical services and trauma careEmployee benefits and pensionsGovernment lending and loan guaranteesInfectious and parasitic diseasesSmall businessWages and earningsWorker safety and health
A bill to modify requirements relating to small business disaster loans made in response to COVID-19, and for other purposes.
USA116th CongressS-3541| Senate
| Updated: 3/19/2020
This bill establishes certain measures related to small business disaster loans made in response to COVID-19 (i.e., coronavirus disease 2019). Specifically, the bill authorizes the Small Business Administration to forgive the outstanding principal balance of a small business disaster loan made in response to COVID-19 if the borrower maintains all of its employees at full pay and benefits throughout the duration of the declared national emergency. The bill also raises the maximum amount for a disaster loan made in response to COVID-19, and it waives the requirement that a borrower demonstrate an inability to obtain credit elsewhere.
Cardiovascular and respiratory healthDisaster relief and insuranceEmergency medical services and trauma careEmployee benefits and pensionsGovernment lending and loan guaranteesInfectious and parasitic diseasesSmall businessWages and earningsWorker safety and health