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Small Business Repayment Relief Act of 2020

Introduced: March 19, 2020 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 19, 2020

Referred to the House Committee on Small Business.

Mar 19, 2020

Introduced in House

Plain-English summary Congressional Research Service

Small Business Repayment Relief Act of 2020

This bill 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.

What's happening now March 19, 2020

Referred to the House Committee on Small Business.

Committees of jurisdiction 1