Small Business Access to Recovery Capital Act
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in senate (Oct 20, 2020)
Small Business Access to Recovery Capital Act
This bill temporarily modifies the 7(a) Loan Guaranty Program of the Small Business Administration (SBA) by waiving borrower and lender fees, increasing the government guarantee to 95%, increasing the maximum loan value to $10 million, and waiving repayment for any new 7(a) loans for one year. The SBA must issue temporary COVID-19 (i.e., coronavirus disease 2019) guidance that reflects these changes.
What just happenedOct 20, 2020
Read twice and referred to the Committee on Small Business and Entrepreneurship.
Who’s behind it
- Introduced in SenateOct 20, 2020
- Oct 20, 2020IntroReferral
Read twice and referred to the Committee on Small Business and Entrepreneurship.
Small Business and Entrepreneurship Committee - Oct 20, 2020IntroReferral10000
Introduced in Senate