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S 4560 116th Congress Senate Commerce Canada Cardiovascular and respiratory health Emergency medical services and trauma care Government lending and loan guarantees Infectious and parasitic diseases Outdoor recreation Small business

Remote Recreational Small Business Interruption Program Act

Introduced: September 10, 2020 Introduced by: Smith, Tina 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
Sep 10, 2020
Read twice and referred to the Committee on Small Business and Entrepreneurship.
Sep 10, 2020
Introduced in Senate
 Plain-English summary Congressional Research Service

Remote Recreational Small Business Interruption Program Act

This bill requires the Small Business Administration (SBA) to establish a program to make forgivable loans to certain remote recreational businesses that are impacted by border closures due to COVID-19 (i.e., coronavirus disease 2019).

Eligible remote recreational businesses must (1) have experienced a loss in revenue that is greater than 50% between March 1, 2020, and July 1, 2020, as compared with the same period in the previous year; and (2) show that the closure of the U.S.-Canada border restricted the ability of American customers to access the location of such businesses.

The maximum loan amount shall be equal to 75% of the business's FY2019 revenue, and the SBA shall forgive 100% of the value of such loan, less the amount the borrower received from (1) any other loan forgiveness program, or (2) any emergency advance under the economic impact disaster loan program.

What's happening now September 10, 2020

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

 Committees of jurisdiction 1
 Cosponsors 2
All 2 Democratic 2