To establish a Small Business Financial Assistance Program to support small businesses during the COVID-19 emergency, and for other purposes.

Bill: 116-hr-6333
Sponsor: full_name: Rep. Beatty, Joyce [D-OH-3]
Introduced: 2020-03-23
Policy area: Commerce
Subjects: Agricultural prices, subsidies, credit

Cardiovascular and respiratory health

Emergency medical services and trauma care

Employee hiring

Government lending and loan guarantees

Infectious and parasitic diseases

Interest, dividends, interest rates

Self-employed

Small business

Unemployment
Latest action: action_date: 2020-03-23
text: Referred to the Committee on Small Business, and in addition to the Committee on Financial Services, 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.

Summaries:
action_date: 2020-03-23
action_desc: Introduced in House
text: <p>This bill requires the Department of the Treasury to establish a Small Business Financial Assistance Program to provide loans and loan guarantees to small businesses.</p> <p>Such loans shall be zero-interest loans, provided a recipient does not involuntarily terminate any employee during the COVID-19 (i.e., coronavirus disease 2019) emergency. If a recipient demonstrates that its full-time employment has not decreased after one year, the Treasury shall forgive the remaining outstanding principal and interest on such loan or loan guarantee. Further, the Treasury may, upon request, provide applicants with a cash advance on such loans. </p>

tv_txt: I 116th CONGRESS 2d Session H. R. 6333 IN THE HOUSE OF REPRESENTATIVES March 23, 2020 Mrs. Beatty introduced the following bill; which was referred to the Committee on Small Business , and in addition to the Committee on Financial Services , 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 A BILL To establish a Small Business Financial Assistance Program to support small businesses during the COVID–19 emergency, and for other purposes.

1. Small Business Financial Assistance Program (a) In general The Secretary of the Treasury shall establish a Small Business Financial Assistance Program under which the Secretary shall provide loans and loan guarantees to small businesses. (b) Application In making loans and loan guarantees under this section, the Secretary shall— (1) provide a simple application process for borrowers; and (2) establish clear and easy to understand underwriting standards for such loans. (c) Zero-Interest loans Loans made by or guaranteed by the Secretary under this section shall be zero-interest loans, if the small business receiving such loan does not involuntarily terminate any employee of the small business during the COVID–19 emergency. (d) Advance (1) In general Upon request from an applicant for a loan under this section, the Secretary may provide to such applicant an advance, in cash, to such applicant. (2) Amount An advance provided under paragraph (1) shall be in an amount equal to the revenue of the applicant for the period beginning January 1, 2020, and ending January 31, 2020. (3) Procedures (A) Review The Secretary shall have 1 week from the receipt of a request for an advance under paragraph (1) to conduct a risk assessment of the applicant to determine whether to approve or deny such request. (B) Approval If the Secretary does not deny a request under subparagraph (A), the advance shall be directly deposited into the account identified by the applicant. (C) Remaining funds Not later than 4 weeks after approving a request of an applicant under subparagraph (A), the Secretary shall disburse the remaining funds to such applicant. (e) Forgiveness If a small business that receives a loan or loan guarantee under this section demonstrates to the Secretary that the number of full-time employees of such small business on the date such small business submitted an application under this section is greater than or equal to the number of full-time employees of such small business on the date that is 1 year after the date of such submission, the Secretary shall forgive the remaining outstanding principal and interest on such loan or loan guarantee. (f) Funding The Secretary shall use $50,000,000,000 from the Exchange Stabilization Fund, without further appropriation, to carry out this section. (g) Definitions In this section: (1) COVID–19 emergency The term COVID–19 emergency means the period that— (A) begins on the declaration of the emergency declared on March 13, 2020, by the President under the Robert T. Stafford Disaster Relief and Emergency Assistance Act ( 42 U.S.C. 4121 et seq.) relating to the Coronavirus Disease 2019 (COVID–19) pandemic; and (B) ends on the termination by the Federal Emergency Management Agency of such emergency. (2) Small business The term small business means— (A) a small business concern (as defined under section 3 of the Small Business Act ( 15 U.S.C. 632 ); (B) a family farm; and (C) an independent contractor.