COVID–19 RELIEF for Small Businesses Act of 2020

Bill: 116-s-3554
Sponsor: Sen. Cardin, Benjamin L. [D-MD]
Introduced: 2020-03-20 in the Senate
Policy area: Commerce
Subjects: Accounting and auditing
Administrative law and regulatory procedures
Advanced technology and technological innovations
Agricultural marketing and promotion
Appropriations
Bank accounts, deposits, capital
Business education
Business investment and capital
Buy American requirements
Cardiovascular and respiratory health
Commuting
Competitiveness, trade promotion, trade deficits
Computers and information technology
Congressional oversight
Disability and paralysis
Disaster relief and insurance
Economic development
Economic performance and conditions
Emergency medical services and trauma care
Employee benefits and pensions
Employee hiring
Employee leave
Employment taxes
Executive agency funding and structure
Federal officials
Government employee pay, benefits, personnel management
Government information and archives
Government lending and loan guarantees
Government studies and investigations
Industrial facilities
Infectious and parasitic diseases
Interest, dividends, interest rates
Manufacturing
Military personnel and dependents
Minority and disadvantaged businesses
National Guard and reserves
Public contracts and procurement
Research and development
Right of privacy
Rural conditions and development
Sales and excise taxes
Small Business Administration
Small business
Social work, volunteer service, charitable organizations
State and local government operations
State and local taxation
Tax administration and collection, taxpayers
Technology transfer and commercialization
User charges and fees
Veterans' education, employment, rehabilitation
Veterans' loans, housing, homeless programs
Wages and earnings
Women in business

Summary:
action_date: 2020-03-20
text: 

COVID-19 Recovery by Enhancing Loan, Investment, and Education Funds for Small Businesses Act of 2020 or the COVID-19 RELIEF for Small Businesses Act of 2020

 
This bill establishes measures to provide assistance to small businesses impacted by COVID-19 (i.e., coronavirus disease 2019).
 
Specifically, the Small Business Administration (SBA) must (1) provide economic injury grants for certain small businesses that have suffered substantial economic injury resulting from COVID-19; (2) establish a program to make direct loans to small businesses, up to 50% of which may be forgiven; and (3) pay the principal, interest, and associated fees on certain SBA loans, including microloans, for a six-month period.
 
The bill also
 
 
temporarily increases guarantee amounts and loan sizes for certain SBA loans, temporarily waives or reduces certain fees on SBA loans, and permanently waives the guarantee fee on SBA loans for veterans;
 
revises the Microloan Program to increase available funds, extend repayment terms, and waive certain requirements for technical assistance grants;
 
provides additional funding for small business economic development programs;
 
revises and makes permanent the SBA's Intermediary Lending Program, the Community Advantage Loan Program, the Small Business Innovation Research Program, and the Small Business Technology Transfer Program;
 
establishes the Innovation Centers Program whereby the SBA shall enter into cooperative agreements with certain entities to spur innovation and economic growth in underserved and rural communities; and
 
establishes the Office of Emerging Markets to oversee the planning, coordination, and implementation of SBA efforts to enhance the economic well-being of small businesses in emerging markets. 
 
 
The federal government must grant certain flexibilities (e.g., additional performance time) to small business federal contractors and expedite the contract award process.


Legislative actions:
action_date: 2020-03-20
text: Read twice and referred to the Committee on Small Business and Entrepreneurship.
action_date: 2020-03-20
text: Introduced in Senate