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Small Business Access to Recovery Capital Act

USA116th CongressS-4817| Senate 
| Updated: 10/20/2020
Marco Rubio

Marco Rubio

Republican Senator

Florida

Cosponsors (3)
James E. Risch (Republican)Josh Hawley (Republican)Susan M. Collins (Republican)

Small Business and Entrepreneurship Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Small Business Access to Recovery Capital Act This bill temporarily modifies the 7(a) Loan Guaranty Program of the Small Business Administration (SBA) by waiving borrower and lender fees, increasing the government guarantee to 95%, increasing the maximum loan value to $10 million, and waiving repayment for any new 7(a) loans for one year. The SBA must issue temporary COVID-19 (i.e., coronavirus disease 2019) guidance that reflects these changes.
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Timeline
Oct 20, 2020
Introduced in Senate
Oct 20, 2020
Read twice and referred to the Committee on Small Business and Entrepreneurship.
  • October 20, 2020
    Introduced in Senate
  • October 20, 2020
    Read twice and referred to the Committee on Small Business and Entrepreneurship.

Commerce

Cardiovascular and respiratory healthCompetitiveness, trade promotion, trade deficitsEconomic performance and conditionsEmergency medical services and trauma careGovernment lending and loan guaranteesInfectious and parasitic diseasesSmall businessUser charges and fees

Small Business Access to Recovery Capital Act

USA116th CongressS-4817| Senate 
| Updated: 10/20/2020
Small Business Access to Recovery Capital Act This bill temporarily modifies the 7(a) Loan Guaranty Program of the Small Business Administration (SBA) by waiving borrower and lender fees, increasing the government guarantee to 95%, increasing the maximum loan value to $10 million, and waiving repayment for any new 7(a) loans for one year. The SBA must issue temporary COVID-19 (i.e., coronavirus disease 2019) guidance that reflects these changes.
View Full Text

Suggested Questions

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

Timeline
Oct 20, 2020
Introduced in Senate
Oct 20, 2020
Read twice and referred to the Committee on Small Business and Entrepreneurship.
  • October 20, 2020
    Introduced in Senate
  • October 20, 2020
    Read twice and referred to the Committee on Small Business and Entrepreneurship.
Marco Rubio

Marco Rubio

Republican Senator

Florida

Cosponsors (3)
James E. Risch (Republican)Josh Hawley (Republican)Susan M. Collins (Republican)

Small Business and Entrepreneurship Committee

Commerce

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Cardiovascular and respiratory healthCompetitiveness, trade promotion, trade deficitsEconomic performance and conditionsEmergency medical services and trauma careGovernment lending and loan guaranteesInfectious and parasitic diseasesSmall businessUser charges and fees