A bill to modify requirements relating to small business disaster loans made in response to COVID-19, and for other purposes.

Bill: 116-s-3541
Sponsor: full_name: Sen. Baldwin, Tammy [D-WI]
Introduced: 2020-03-19
Policy area: Commerce
Subjects: Cardiovascular and respiratory health

Disaster relief and insurance

Emergency medical services and trauma care

Employee benefits and pensions

Government lending and loan guarantees

Infectious and parasitic diseases

Small business

Wages and earnings

Worker safety and health
Latest action: action_date: 2020-03-19
text: Read twice and referred to the Committee on Small Business and Entrepreneurship.

Summaries:
action_date: 2020-03-19
action_desc: Introduced in Senate
text: <p>This bill establishes certain measures related to small business disaster loans made in response to COVID-19 (i.e., coronavirus disease 2019).</p> <p>Specifically, the bill authorizes the Small Business Administration to forgive the outstanding principal balance of a small business disaster loan made in response to COVID-19 if the borrower maintains all of its employees at full pay and benefits throughout the duration of the declared national emergency. The bill also raises the maximum amount for a disaster loan made in response to COVID-19, and it waives the requirement that a borrower demonstrate an inability to obtain credit elsewhere.</p>

tv_txt: II 116th CONGRESS 2d Session S. 3541 IN THE SENATE OF THE UNITED STATES March 19, 2020 Mr. Schumer (for Ms. Baldwin ) introduced the following bill; which was read twice and referred to the Committee on Small Business and Entrepreneurship A BILL To modify requirements relating to small business disaster loans made in response to COVID–19, and for other purposes.

1. Disaster loans related to COVID–19 With respect to a loan made under section 7(b)(2) of the Small Business Act ( 15 U.S.C. 636(b)(2) ) in response to COVID–19— (1) the Small Business Administration may forgive the outstanding principal balance of the loan if the borrower maintains all of its employees at full pay and full benefits throughout the duration of the emergency involving Federal primary responsibility determined to exist by the President under the section 501(b) of the Robert T. Stafford Disaster Relief and Emergency Assistance Act ( 42 U.S.C. 5191(b) ) with respect to the Coronavirus Disease 2019 (COVID–19); (2) the maximum loan amount shall be $10,000,000; and (3) the requirement that the borrower demonstrate that it is unable to obtain credit elsewhere is waived.