US Congress Senate Bill 3519 (Prior Session Legislation)

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Spectrum: Moderate Partisan Bill (Democrat 14-1-1)
Status: Introduced on March 18 2020 - 25% progression, died in committee
Action: 2020-03-18 - Read twice and referred to the Committee on Small Business and Entrepreneurship.
Pending: Senate Small Business And Entrepreneurship Committee
Text: Latest bill text (Introduced) [PDF]

Requires the Small Business Administration (SBA) to pay the principal, interest, and any associated fees owed on certain loans made to small businesses for a six month period. The SBA must also encourage the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and state bank regulators to not require lenders to increase their reserves on account of receiving such payments made by the SBA. The SBA shall waive statutory limits on maximum loan maturities for certain loan durations where the lender provides a deferral and extends the maturity of such loans and, when necessary to provide more time because of difficulties during the COVID-19 (i.e., coronavirus disease 2019) pandemic, extend lender site visit requirements.

A bill to authorize the Administrator of the Small Business Administration to subsidize payments on loans guaranteed under the 7(a) and 504 loan programs or made using funds under the microloan program, and for other purposes.

Sen. Christopher Coons [D-DE]	Sen. Benjamin Cardin [D-MD]	Sen. Amy Klobuchar [D-MN]	Sen. Tammy Duckworth [D-IL]
Sen. Ron Wyden [D-OR]	Sen. Edward Markey [D-MA]	Sen. Jeanne Shaheen [D-NH]	Sen. Jon Tester [D-MT]
Sen. Kirsten Gillibrand [D-NY]	Sen. Angus King [I-ME]	Sen. Mazie Hirono [D-HI]	Sen. Margaret Hassan [D-NH]
Sen. Maria Cantwell [D-WA]	Sen. Steve Daines [R-MT]	Sen. Patty Murray [D-WA]	Sen. Chris Van Hollen [D-MD]

Date	Chamber	Action
2020-03-18	Senate	Read twice and referred to the Committee on Small Business and Entrepreneurship.

HB748 (Related) 2020-07-23 - Committee on Small Business and Entrepreneurship. Hearings held.
HB6304 (Related) 2020-03-19 - Referred to the House Committee on Small Business.
HB6312 (Related) 2020-03-19 - Referred to the House Committee on Small Business.
HB6379 (Related) 2020-03-23 - Referred to the Committee on Appropriations, and in addition to the Committees on the Budget, and Ways and Means, 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.

Type	Source
Summary	https://www.congress.gov/bill/116th-congress/senate-bill/3519/all-info
Text	https://www.congress.gov/116/bills/s3519/BILLS-116s3519is.pdf