SBA Business Stabilization Direct Loan Program Act of 2020
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in house (Mar 12, 2020)
SBA Business Stabilization Direct Loan Program Act of 2020
This bill requires the Small Business Administration (SBA) to temporarily make loans directly to small businesses located in a U.S. state or territory with a confirmed or presumed positive case of COVID-19 (i.e., coronavirus disease 2019).
A recipient of such a loan may use the funds to, among other things (1) make periodic payments of principal and interest on outstanding SBA loans; (2) provide benefits to employees such as disability insurance, sick leave, and paid family leave; (3) pay wages to employees; or (4) provide employees and patrons with the necessary items specified by a public health authority to mitigate the spread of the coronavirus.
The SBA shall accept any available collateral to secure such a loan and shall not decline to make a loan to an otherwise eligible borrower due solely to inadequate collateral.
What just happenedMar 12, 2020
Referred to the House Committee on Small Business.
Who’s behind it
- Introduced in HouseMar 12, 2020
- Mar 12, 2020IntroReferralH11100
Referred to the House Committee on Small Business.
Small Business Committee - Mar 12, 2020IntroReferralIntro-H
Introduced in House
- Mar 12, 2020IntroReferral1000
Introduced in House