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Point Roberts Small Business Fairness Act

Introduced: June 8, 2021 Introduced by: DelBene, Suzan K. Democratic · Washington 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
Jun 8, 2021
Referred to the House Committee on Small Business.
Jun 8, 2021
Introduced in House
 Plain-English summary Congressional Research Service

Point Roberts Small Business Fairness Act

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

Eligible small businesses must (1) have experienced a loss in revenue that is greater than 50% during the second, third, or fourth quarter of 2020 compared with the same period in the previous year; and (2) show that the closure of the U.S.-Canada border directly resulted in a reduction in gross receipts or 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 June 8, 2021

Referred to the House Committee on Small Business.

 Committees of jurisdiction 1
 Cosponsors 2
All 2 Democratic 2