ABLE Act of 2020

Bill: 116-hr-6409
Sponsor: Rep. Omar, Ilhan [D-MN-5]
Introduced: 2020-03-27 in the House
Policy area: Commerce
Subjects: Appropriations
Cardiovascular and respiratory health
Congressional oversight
Economic performance and conditions
Emergency medical services and trauma care
Employee benefits and pensions
Employee leave
Food industry and services
Fraud offenses and financial crimes
Government lending and loan guarantees
Infectious and parasitic diseases
Intergovernmental relations
Labor-management relations
Minority and disadvantaged businesses
Self-employed
Small business
State and local government operations
Unemployment
Wages and earnings
Women in business

Summary:
action_date: 2020-03-27
text: 

Assistance for Businesses and Local Economies Act or the ABLE Act of 2020

 
This bill establishes the Emergency Social Insurance Program to coordinate and deliver direct payments to small businesses and workers affected by COVID-19 (i.e., coronavirus disease 2019).
 
Specifically, the Social Security Administration and the Department of Labor shall assist participating states, through existing state agency mechanisms, to offer expanded unemployment insurance for workers who are unemployed or idle because of COVID-19. Through an agreement with Labor, participating states must provide temporary emergency COVID-19 unemployment or short-time compensation payments to such workers, plus specified additional amounts for certain categories of workers. Such compensation payments shall not be regarded as income. If an individual receives compensation payments through a knowing false statement or misrepresentation, such individual shall be ineligible for further assistance and subject to prosecution.
 
The Small Business Administration must provide grants to certain small businesses that have suffered substantial economic injury as a result of COVID-19, giving priority consideration to (1) small businesses with fewer than 100 employees per location; (2) small businesses owned by minorities, women, or veterans; (3) small businesses where the owner's pay is equal to or less than 25 times the average employee's pay; and (4) small businesses that have not fired or laid off employees, reduced salaries, or changed any labor contracts. The amount of such grants shall not exceed necessary maintenance costs (e.g., payroll support and increased costs of obtaining unavailable materials), and any overpayment of grants shall be automatically considered as zero-interest loans. Such grant amounts shall be excluded from gross income, for income tax purposes.


Legislative actions:
action_date: 2020-03-27
text: Referred to the Committee on Ways and Means, and in addition to the Committee on Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2020-03-27
text: Referred to the Committee on Ways and Means, and in addition to the Committee on Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2020-03-27
text: Introduced in House
action_date: 2020-03-27
text: Introduced in House