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Small Business Relief Guaranteed Loan Program Act of 2020

Introduced: March 23, 2020 Introduced by: Craig, Angie Democratic · Minnesota See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 23, 2020
Referred to the House Committee on Small Business.
Mar 23, 2020
Introduced in House
 Plain-English summary Congressional Research Service

Small Business Relief Guaranteed Loan Program Act of 2020

This bill requires the Small Business Administration (SBA) to carry out a temporary program to guarantee loans made by banks or other lenders to small businesses affected by COVID-19 (i.e., coronavirus disease 2019).

Such loans shall be zero-interest, fee-free loans, and up to 50% of the principal on such loans shall be forgiven if a recipient demonstrates that its employment has not decreased between December 31, 2019, and December 31, 2021.

In addition to permitted uses of SBA loans, such guaranteed loans may also be used for purposes such as providing employees of the borrower with (1) benefits and wages, (2) technology for shifting to telework or remote work, or (3) necessary items specified by a public health authority to mitigate the spread of COVID-19.

What's happening now March 23, 2020

Referred to the House Committee on Small Business.

 Committees of jurisdiction 1