Small Business COVID–19 Debt Relief Extension Act of 2020

Bill: 116-hr-8686
Sponsor: full_name: Rep. Carson, Andre [D-IN-7]
Introduced: 2020-10-27
Policy area: Commerce
Subjects: Cardiovascular and respiratory health

Emergency medical services and trauma care

Government lending and loan guarantees

Infectious and parasitic diseases

Interest, dividends, interest rates

Minority and disadvantaged businesses

Small business

Veterans' loans, housing, homeless programs

Women in business
Latest action: action_date: 2020-10-27
text: Referred to the House Committee on Small Business.

Summaries:
action_date: 2020-10-27
action_desc: Introduced in House
text: <p><b>Small Business COVID-19 Debt Relief Extension Act of 2020</b></p> <p>This bill extends for an additional six months the Small Business Debt Relief Program, under which the Small Business Administration (SBA), in response to COVID-19 (i.e., coronavirus disease 2019), was authorized to subsidize six months of payments for certain SBA-backed loan products on behalf of the recipients of these loans. Further, a small business that submits a new application for an SBA-backed loan prior to March 30, 2021, may receive a six month subsidy.</p>

tv_txt: I 116th CONGRESS 2d Session H. R. 8686 IN THE HOUSE OF REPRESENTATIVES October 27, 2020 Mr. Carson of Indiana introduced the following bill; which was referred to the Committee on Small Business A BILL To amend the CARES Act to require an extension of subsidies for certain loan payments, and for other purposes.

1. Short title This Act may be cited as the Small Business COVID–19 Debt Relief Extension Act of 2020 . 2. Subsidy for certain loan payments (a) In general Section 1112(c)(1) of the CARES Act ( 15 U.S.C. 9011(c)(1) ) is amended— (1) by striking 6-month period each place it appears and inserting 12-month period ; and (2) in subparagraph (B), by striking and at the end; (3) in subparagraph (C), by striking ; and and inserting a semicolon; and (4) by adding at the end the following new subparagraph: (D) with respect to a covered loan made on or after the date of the enactment of the Small Business COVID–19 Debt Relief Extension Act of 2020, for the period ending on September 30, 2021, if the borrower of such covered loan submits a request to the Administrator on or before March 30, 2021. . (b) Effective date The amendments made by this section shall apply as if included in the enactment of section 1112 of the CARES Act ( 15 U.S.C. 9011 ).