Small Business Lending Continuity Act of 2020

Bill: 116-s-3782
Sponsor: full_name: Sen. Duckworth, Tammy [D-IL]
Introduced: 2020-05-20
Policy area: Commerce
Subjects: Business expenses

Cardiovascular and respiratory health

Emergency medical services and trauma care

Government lending and loan guarantees

Infectious and parasitic diseases

Small business

Wages and earnings
Latest action: action_date: 2020-06-03
text: Committee on Small Business and Entrepreneurship. Hearings held.

Summaries:
action_date: 2020-05-20
action_desc: Introduced in Senate
text: <p><b>Small Business Lending Continuity Act of 2020</b></p> <p>This bill revises the authorization for certain Small Business Administration (SBA) loan products currently linked to the Paycheck Protection Program that was implemented in response to COVID-19 (i.e., coronavirus disease 2019).</p> <p>Under current law, the authorization for the Paycheck Protection Program and the SBA's standard small business loan products (the <i>7(a) loan program</i>) are combined into one joint authorization for the duration of the Paycheck Protection Program. The bill returns the 7(a) loan program to the purview of its stand-alone authorization to prevent it from being terminated upon the two programs' attainment of the joint authorization cap. </p>

action_date: 2020-05-20
action_desc: Passed Senate
text: <p><b>Small Business Lending Continuity Act of 2020</b></p> <p>This bill revises the authorization for certain Small Business Administration (SBA) loan products currently linked to the Paycheck Protection Program that was implemented in response to COVID-19 (i.e., coronavirus disease 2019).</p> <p>Under current law, the authorization for the Paycheck Protection Program and the SBA's standard small business loan products (the <i>7(a) loan program</i>) are combined into one joint authorization for the duration of the Paycheck Protection Program. The bill returns the 7(a) loan program to the purview of its stand-alone authorization to prevent it from being terminated upon the two programs' attainment of the joint authorization cap. </p>

tv_txt: II 116th CONGRESS 2d Session S. 3782 IN THE SENATE OF THE UNITED STATES May 20, 2020 Ms. Duckworth (for herself, Mr. Rubio , Mr. Coons , Mr. Risch , Mrs. Blackburn , Mr. Cardin , and Mrs. Shaheen ) introduced the following bill; which was read twice, considered, read the third time, and passed A BILL To modify the amount authorized for commitments for 7(a) loans, and for other purposes.

1. Short title This Act may be cited as the Small Business Lending Continuity Act of 2020 . 2. Commitments for 7(a) loans Notwithstanding any other provision of law, the amounts authorized for commitments for general business loans authorized under section 7(a) of the Small Business Act ( 15 U.S.C. 636(a) ) under the heading business loans program account under the heading small business administration under title V of the Consolidated Appropriations Act, 2020 ( Public Law 116–93 ; 133 Stat. 2475) shall apply with respect to loans made under such section 7(a), other than loans made under paragraph (36) of such section 7(a), on and after the date of enactment of this Act.

tv_txt: 116th CONGRESS 2d Session S. 3782 IN THE SENATE OF THE UNITED STATES AN ACT To modify the amount authorized for commitments for 7(a) loans, and for other purposes.

1. Short title This Act may be cited as the Small Business Lending Continuity Act of 2020 . 2. Commitments for 7(a) loans Notwithstanding any other provision of law, the amounts authorized for commitments for general business loans authorized under section 7(a) of the Small Business Act ( 15 U.S.C. 636(a) ) under the heading business loans program account under the heading small business administration under title V of the Consolidated Appropriations Act, 2020 ( Public Law 116–93 ; 133 Stat. 2475) shall apply with respect to loans made under such section 7(a), other than loans made under paragraph (36) of such section 7(a), on and after the date of enactment of this Act.

Passed the Senate May 20, 2020. Secretary