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HR 6549 116th Congress House Commerce Cardiovascular and respiratory health Credit and credit markets Economic performance and conditions Emergency medical services and trauma care Government lending and loan guarantees Infectious and parasitic diseases Small business

Business Borrowers Protection Act

Introduced: April 17, 2020 Introduced by: Sherman, Brad Democratic · California 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
Apr 17, 2020
Referred to the House Committee on Financial Services.
Apr 17, 2020
Introduced in House
 Plain-English summary Congressional Research Service

Business Borrowers Protection Act

This bill prohibits a lender from requiring a borrower to repay on an accelerated basis any loan received under a governmental program responding to COVID-19 (i.e., coronavirus disease 2019). Further, a lender may not consider such a loan for purposes of determining whether the lender has the right to accelerate the due date of any loan agreement.

In addition, until two years after the termination of the COVID-19 national emergency, the bill (1) declares it to be U.S. policy that lenders should not accelerate due dates for any business loans or curtail any lines of credit, and (2) releases from liability a trustee that decides not to enforce a loan covenant that accelerates repayment under a loan agreement or reduces the availability of funds under a line of credit.

What's happening now April 17, 2020

Referred to the House Committee on Financial Services.

 Committees of jurisdiction 1