US SB3541 | 2019-2020 | 116th Congress

Status

Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on March 19 2020 - 25% progression, died in committee
Action: 2020-03-19 - 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]

Summary

Establishes certain measures related to small business disaster loans made in response to COVID-19 (i.e., coronavirus disease 2019). Specifically, the bill authorizes the Small Business Administration to forgive the outstanding principal balance of a small business disaster loan made in response to COVID-19 if the borrower maintains all of its employees at full pay and benefits throughout the duration of the declared national emergency. The bill also raises the maximum amount for a disaster loan made in response to COVID-19, and it waives the requirement that a borrower demonstrate an inability to obtain credit elsewhere.

Tracking Information

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Title

A bill to modify requirements relating to small business disaster loans made in response to COVID-19, and for other purposes.

Sponsors


History

DateChamberAction
2020-03-19SenateRead twice and referred to the Committee on Small Business and Entrepreneurship.

Subjects


US Congress State Sources


Bill Comments

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