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Remote Recreational Small Business Interruption Program Act

USA116th CongressS-4560| Senate 
| Updated: 9/10/2020
Tina Smith

Tina Smith

Democratic Senator

Minnesota

Cosponsors (2)
Amy Klobuchar (Democratic)Patty Murray (Democratic)

Small Business and Entrepreneurship Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Remote Recreational Small Business Interruption Program Act 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 businesses. 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, or (2) any emergency advance under the economic impact disaster loan program.
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Timeline
Jul 29, 2020

Latest Companion Bill Action

HR 116-7845
Introduced in House
Sep 10, 2020
Introduced in Senate
Sep 10, 2020
Read twice and referred to the Committee on Small Business and Entrepreneurship.
  • July 29, 2020

    Latest Companion Bill Action

    HR 116-7845
    Introduced in House


  • September 10, 2020
    Introduced in Senate


  • September 10, 2020
    Read twice and referred to the Committee on Small Business and Entrepreneurship.

Commerce

Related Bills

  • HR 116-7845: Remote Recreational Small Business Interruption 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 Act

USA116th CongressS-4560| Senate 
| Updated: 9/10/2020
Remote Recreational Small Business Interruption Program Act 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 businesses. 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, or (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

Latest Companion Bill Action

HR 116-7845
Introduced in House
Sep 10, 2020
Introduced in Senate
Sep 10, 2020
Read twice and referred to the Committee on Small Business and Entrepreneurship.
  • July 29, 2020

    Latest Companion Bill Action

    HR 116-7845
    Introduced in House


  • September 10, 2020
    Introduced in Senate


  • September 10, 2020
    Read twice and referred to the Committee on Small Business and Entrepreneurship.
Tina Smith

Tina Smith

Democratic Senator

Minnesota

Cosponsors (2)
Amy Klobuchar (Democratic)Patty Murray (Democratic)

Small Business and Entrepreneurship Committee

Commerce

Related Bills

  • HR 116-7845: Remote Recreational Small Business Interruption Program
  • 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