Coronavirus EGC Extension Act

Bill: 116-s-4218
Sponsor: full_name: Sen. Tillis, Thomas [R-NC]
Introduced: 2020-07-20
Policy area: Finance and Financial Sector
Subjects: Accounting and auditing

Business investment and capital

Cardiovascular and respiratory health

Corporate finance and management

Emergency medical services and trauma care

Government information and archives

Infectious and parasitic diseases

Securities

Small business

Wages and earnings
Latest action: action_date: 2020-07-20
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2020-07-20
action_desc: Introduced in Senate
text: <p><b>Coronavirus EGC Extension Act </b></p> <p>This bill extends the status of an issuer of securities as an emerging growth company. Specifically, these issuers will remain emerging growth companies until the later of </p> <ul> <li>one year after the date of enactment of this bill, </li> <li>the end of the COVID-19 (i.e., coronavirus disease 2019) emergency declaration period, and </li> <li>the date the issuer would otherwise cease being an emerging growth company. </li> </ul> <p><i>Emerging growth companies</i> (in general, a newly public company with revenues below a specified threshold) are subject to reduced disclosure requirements, among other regulations. </p>

tv_txt: II 116th CONGRESS 2d Session S. 4218 IN THE SENATE OF THE UNITED STATES July 20, 2020 Mr. Tillis introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To temporarily prevent emerging growth companies from losing their status during the COVID–19 pandemic, and for other purposes.

1. Short title This Act may be cited as the Coronavirus EGC Extension Act . 2. Extension of emerging growth company designation (a) In general Any issuer that was an emerging growth company during the entire period beginning on March 13, 2020, and ending on the date of enactment of this Act shall be deemed an emerging growth company until the later of— (1) the date that is 1 year after the date of enactment of this Act; (2) the end of the incident period for the emergency declared by the President under 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); and (3) the date on which the issuer would cease being an emerging growth company absent the application of this section. (b) Definitions In this section, the terms emerging growth company and issuer have the meanings given those terms in section 3 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c ).