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Small Business Lending Continuity Act of 2020

Introduced: May 20, 2020 Introduced by: Duckworth, Tammy Democratic · Illinois See on congress.gov
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 Everywhere this bill has been 7 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 3, 2020
Committee on Small Business and Entrepreneurship. Hearings held. Hearings printed: S.Hrg. 116-604.
May 22, 2020
Held at the desk.
May 22, 2020
Received in the House.
May 22, 2020
Message on Senate action sent to the House.
May 20, 2020
Introduced in the Senate, read twice, considered, read the third time, and passed without amendment by Unanimous Consent. (consideration: CR S2560; text: CR S2560)
May 20, 2020
Passed/agreed to in Senate: Introduced in the Senate, read twice, considered, read the third time, and passed without amendment by Unanimous Consent.(consideration: CR S2560; text: CR S2560)
May 20, 2020
Introduced in Senate
 Plain-English summary Congressional Research Service

Small Business Lending Continuity Act of 2020

This bill revises the authorization for certain Small Business Administration (SBA) loan products currently linked to the Paycheck Protection Program that was implemented in response to COVID-19 (i.e., coronavirus disease 2019).

Under current law, the authorization for the Paycheck Protection Program and the SBA's standard small business loan products (the 7(a) loan program) are combined into one joint authorization for the duration of the Paycheck Protection Program. The bill returns the 7(a) loan program to the purview of its stand-alone authorization to prevent it from being terminated upon the two programs' attainment of the joint authorization cap.

What's happening now June 3, 2020

Committee on Small Business and Entrepreneurship. Hearings held. Hearings printed: S.Hrg. 116-604.

 Committees of jurisdiction 1
 Cosponsors 4
All 4 Democratic 2 Republican 2