Small Business Relief Guaranteed Loan Program Act of 2020
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in house (Mar 23, 2020)
Small Business Relief Guaranteed Loan Program Act of 2020
This bill requires the Small Business Administration (SBA) to carry out a temporary program to guarantee loans made by banks or other lenders to small businesses affected by COVID-19 (i.e., coronavirus disease 2019).
Such loans shall be zero-interest, fee-free loans, and up to 50% of the principal on such loans shall be forgiven if a recipient demonstrates that its employment has not decreased between December 31, 2019, and December 31, 2021.
In addition to permitted uses of SBA loans, such guaranteed loans may also be used for purposes such as providing employees of the borrower with (1) benefits and wages, (2) technology for shifting to telework or remote work, or (3) necessary items specified by a public health authority to mitigate the spread of COVID-19.
What just happenedMar 23, 2020
Referred to the House Committee on Small Business.
Who’s behind it
- Introduced in HouseMar 23, 2020
- Mar 23, 2020IntroReferralH11100
Referred to the House Committee on Small Business.
Small Business Committee - Mar 23, 2020IntroReferralIntro-H
Introduced in House
- Mar 23, 2020IntroReferral1000
Introduced in House