To establish a standard interest rate under programs for economic injury disaster loans, and for other purposes.

Bill: 116-hr-6346
Sponsor: full_name: Rep. Gallego, Ruben [D-AZ-7]
Introduced: 2020-03-23
Policy area: Commerce
Subjects: Economic performance and conditions

Government lending and loan guarantees

Interest, dividends, interest rates
Latest action: action_date: 2020-03-23
text: Referred to the House Committee on Small Business.

Summaries:
action_date: 2020-03-23
action_desc: Introduced in House
text: <p>This bill sets the interest rate on a disaster loan issued by the Small Business Administration at the lesser of the interest rate that is (1) otherwise chargeable under the economic injury disaster loan program, or (2) payable on the most-recently issued U.S. ten-year Treasury note.</p>

tv_txt: I 116th CONGRESS 2d Session H. R. 6346 IN THE HOUSE OF REPRESENTATIVES March 23, 2020 Mr. Gallego introduced the following bill; which was referred to the Committee on Small Business A BILL To establish a standard interest rate under programs for economic injury disaster loans, and for other purposes.

1. Interest rate for economic injury disaster loans Notwithstanding any other provision of law, the interest rate chargeable under any loan made after the date of the enactment of this Act under section 7(b)(2) of the Small Business Act ( 15 U.S.C. 636(b)(2) ) shall be the lesser of— (1) the interest rate otherwise chargeable under such program; or (2) the interest rate payable on the most-recently issued marketable obligations of the United States having a maturity of 10 years, as determined for purposes of this section by the Secretary of the Treasury.