US HB6549 | 2019-2020 | 116th Congress
Status
Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on April 17 2020 - 25% progression, died in committee
Action: 2020-04-17 - Referred to the House Committee on Financial Services.
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on April 17 2020 - 25% progression, died in committee
Action: 2020-04-17 - Referred to the House Committee on Financial Services.
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Prohibits a lender from requiring a borrower to repay on an accelerated basis any loan received under a governmental program responding to COVID-19 (i.e., coronavirus disease 2019). Further, a lender may not consider such a loan for purposes of determining whether the lender has the right to accelerate the due date of any loan agreement. In addition, until two years after the termination of the COVID-19 national emergency, the bill (1) declares it to be U.S. policy that lenders should not accelerate due dates for any business loans or curtail any lines of credit, and (2) releases from liability a trustee that decides not to enforce a loan covenant that accelerates repayment under a loan agreement or reduces the availability of funds under a line of credit.
Title
Business Borrowers Protection Act
Sponsors
Rep. Brad Sherman [D-CA] |
History
Date | Chamber | Action |
---|---|---|
2020-04-17 | House | Referred to the House Committee on Financial Services. |
2020-04-17 | House | Introduced in House |
Subjects
Cardiovascular and respiratory health
Commerce
Credit and credit markets
Economic performance and conditions
Emergency medical services and trauma care
Government lending and loan guarantees
Infectious and parasitic diseases
Small business
Commerce
Credit and credit markets
Economic performance and conditions
Emergency medical services and trauma care
Government lending and loan guarantees
Infectious and parasitic diseases
Small business
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/116th-congress/house-bill/6549/all-info |
Text | https://www.congress.gov/116/bills/hr6549/BILLS-116hr6549ih.pdf |