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S 3541 116th Congress Senate Commerce Cardiovascular and respiratory health Disaster relief and insurance Emergency medical services and trauma care Employee benefits and pensions Government lending and loan guarantees Infectious and parasitic diseases Small business Wages and earnings Worker safety and health

A bill to modify requirements relating to small business disaster loans made in response to COVID-19, and for other purposes.

Introduced: March 19, 2020 Introduced by: Baldwin, Tammy Democratic · Wisconsin 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 19, 2020
Read twice and referred to the Committee on Small Business and Entrepreneurship.
Mar 19, 2020
Introduced in Senate
 Plain-English summary Congressional Research Service

This bill establishes certain measures related to small business disaster loans made in response to COVID-19 (i.e., coronavirus disease 2019).

Specifically, the bill authorizes the Small Business Administration to forgive the outstanding principal balance of a small business disaster loan made in response to COVID-19 if the borrower maintains all of its employees at full pay and benefits throughout the duration of the declared national emergency. The bill also raises the maximum amount for a disaster loan made in response to COVID-19, and it waives the requirement that a borrower demonstrate an inability to obtain credit elsewhere.

What's happening now March 19, 2020

Read twice and referred to the Committee on Small Business and Entrepreneurship.

 Committees of jurisdiction 1