HR 6268 116th Congress House Commerce Administrative law and regulatory procedures Business investment and capital Cardiovascular and respiratory health Commuting Computers and information technology Emergency medical services and trauma care Employee benefits and pensions Employee leave Employment taxes Financial crises and stabilization Government lending and loan guarantees Health promotion and preventive care Infectious and parasitic diseases Life, casualty, property insurance Sales and excise taxes Small Business Administration Small business State and local taxation Tax administration and collection, taxpayers

SBA Business Stabilization Direct Loan Program Act of 2020

Introduced: March 12, 2020 Introduced by: Velázquez, Nydia M. Democratic · New York See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Mar 12, 2020

Referred to the House Committee on Small Business.

Mar 12, 2020

Introduced in House

Plain-English summary Congressional Research Service

SBA Business Stabilization Direct Loan Program Act of 2020

This bill requires the Small Business Administration (SBA) to temporarily make loans directly to small businesses located in a U.S. state or territory with a confirmed or presumed positive case of COVID-19 (i.e., coronavirus disease 2019).

A recipient of such a loan may use the funds to, among other things (1) make periodic payments of principal and interest on outstanding SBA loans; (2) provide benefits to employees such as disability insurance, sick leave, and paid family leave; (3) pay wages to employees; or (4) provide employees and patrons with the necessary items specified by a public health authority to mitigate the spread of the coronavirus.

The SBA shall accept any available collateral to secure such a loan and shall not decline to make a loan to an otherwise eligible borrower due solely to inadequate collateral.

What's happening now March 12, 2020

Referred to the House Committee on Small Business.

Committees of jurisdiction 1