Coronavirus Credit Expansion Act

Bill: 116-s-3524
Sponsor: full_name: Sen. Cotton, Tom [R-AR]
Introduced: 2020-03-18
Policy area: Commerce
Subjects: Cardiovascular and respiratory health

Civil actions and liability

Emergency medical services and trauma care

Fraud offenses and financial crimes

Government lending and loan guarantees

Infectious and parasitic diseases

Small business
Latest action: action_date: 2020-03-18
text: Read twice and referred to the Committee on Small Business and Entrepreneurship.

Summaries:
action_date: 2020-03-18
action_desc: Introduced in Senate
text: <p><b>Coronavirus Credit Expansion Act</b></p> <p>This bill increases the maximum loan amount for a small business disaster loan made in response to COVID-19 (i.e., coronavirus disease 2019), and it requires the Small Business Administration to expedite the loan approval process for such loans.</p> <p>The fine for a conviction relating to a fraudulent claim for the payment or approval of such a loan shall be three times the amount of the loan.</p>

tv_txt: II 116th CONGRESS 2d Session S. 3524 IN THE SENATE OF THE UNITED STATES March 18, 2020 Mr. Cotton introduced the following bill; which was read twice and referred to the Committee on Small Business and Entrepreneurship A BILL To modify terms related to the economic injury disaster loan program of the Small Business Administration for applicants affected by COVID–19, and for other purposes.

1. Short title This Act may be cited as the Coronavirus Credit Expansion Act . 2. Small business economic injury disaster loans (a) In general With respect to loans made under section 7(b)(2) of the Small Business Act ( 15 U.S.C. 636(b)(2) ) related to COVID–19— (1) the Small Business Administration shall expedite the loan approval process for those loans such that the loans are made as soon as is practicable; and (2) the maximum loan amount shall be $20,000,000. (b) Fraud The fine imposed for any conviction under sections 3729 through 3733 of title 31, United States Code (commonly known as the False Claims Act ), relating to the use of funds provided under section 7(b)(2) of the Small Business Act ( 15 U.S.C. 636(b)(2) ) related to COVID–19 shall be equal to 3 times the amount of the loan.