Skip to main content
HR 7522 116th Congress House Commerce Government lending and loan guarantees Interest, dividends, interest rates Small business

To establish the Small Business Economic Assistance Program.

Introduced: July 9, 2020 Introduced by: Gallego, Ruben Democratic · Arizona See on congress.gov
Sign in to write a letter Sign in to watch
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 9, 2020
Referred to the House Committee on Small Business.
Jul 9, 2020
Introduced in House
 Plain-English summary Congressional Research Service

This bill establishes the Small Business Economic Assistance Program to provide financial assistance to certain small businesses.

Among other eligibility requirements, a small business must have (1) more than 1 but fewer than 50 employees, (2) not received a payment under the Paycheck Protection Program, and (3) been established prior to January 1, 2020.

Such assistance shall consist of a financial assistance payment equal to $5,000 per employee, at least 80% of which the recipient shall use for employee compensation. The remaining amounts shall be used for business costs such as rent, mortgage payments, or utility payments.

What's happening now July 9, 2020

Referred to the House Committee on Small Business.

 Committees of jurisdiction 1