US Congress House Bill 7451 (Prior Session Legislation)

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Spectrum: Moderate Partisan Bill (Democrat 5-1)
Status: Introduced on July 1 2020 - 25% progression, died in committee
Action: 2020-07-01 - Referred to the Committee on Small Business, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Pending: House Small Business Committee
Text: Latest bill text (Introduced) [PDF]

Establishes eligibility and provides funding for Small Business Administration (SBA) disaster loans and advance grants for eligible small businesses. Eligible small businesses are those that (1) are located in an area in which the SBA declared a disaster due to civil unrest occurring between May 26, 2020, and July 1, 2020; (2) incurred damage due to such civil unrest; and (3) have average annual gross receipts of $2 million or less. Such small businesses shall be eligible to receive forgivable loans and advance grants under the SBA's disaster loan program. Such loans shall be equal to 100% of the amount required to repair, rehabilitate, or replace property that was damaged or destroyed due to civil unrest and that was not compensated for by insurance, state or local government grants, or any other means. An applicant may also request an advance of up to $10,000 on such loan. Further, a recipient shall be eligible for forgiveness of 75% of such loan if they are still in operation on December 31, 2021, and have submitted specified documentation related to sales and taxes paid. Additionally, the SBA shall waive certain loan requirements such as (1) personal guarantees, (2) inability to obtain credit elsewhere, and (3) provision of collateral.

HEAL Act Helping Entrepreneurs Access Loans Act

Rep. Dwight Evans [D-PA]	Rep. Ed Case [D-HI]	Rep. Andre Carson [D-IN]	Rep. Sheila Jackson-Lee [D-TX]
Rep. Bennie Thompson [D-MS]	Rep. Steve Chabot [R-OH]

Date	Chamber	Action
2020-07-01	House	Referred to the Committee on Small Business, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
2020-07-01	House	Referred to the Committee on Small Business, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
2020-07-01	House	Introduced in House

SB4135 (Same As) 2020-07-01 - Read twice and referred to the Committee on Small Business and Entrepreneurship.

Type	Source
Summary	https://www.congress.gov/bill/116th-congress/house-bill/7451/all-info
Text	https://www.congress.gov/116/bills/hr7451/BILLS-116hr7451ih.pdf