To require the Administrator of the Small Business Administration to establish the interest rate for economic injury disaster loans, and for other purposes.

Bill: 116-hr-7434
Sponsor: full_name: Rep. Suozzi, Thomas R. [D-NY-3]
Introduced: 2020-06-30
Policy area: Commerce
Subjects: Disaster relief and insurance

Government lending and loan guarantees

Interest, dividends, interest rates

Small Business Administration

Small business
Latest action: action_date: 2020-06-30
text: Referred to the House Committee on Small Business.

Summaries:
action_date: 2020-06-30
action_desc: Introduced in House
text: <p>This bill requires the Small Business Administration to establish the interest rate at 1% for any economic injury disaster loan made during the period beginning on January 31, 2020, and ending on December 31, 2020.</p>

tv_txt: I 116th CONGRESS 2d Session H. R. 7434 IN THE HOUSE OF REPRESENTATIVES June 30, 2020 Mr. Suozzi (for himself, Mr. King of New York , Miss Rice of New York , Mr. Meeks , and Mr. Zeldin ) introduced the following bill; which was referred to the Committee on Small Business A BILL To require the Administrator of the Small Business Administration to establish the interest rate for economic injury disaster loans, and for other purposes.

1. Interest rates on economic injury disaster loans (a) In general Notwithstanding any other provision of law, during the period beginning on January 31, 2020, and ending on December 31, 2020, the Administrator of the Small Business Administration shall ensure that the interest rate on a loan made under section 7(b)(2) of the Small Business Act ( 15 U.S.C. 636(b)(2) ) is 1 percent. (b) Effective date; applicability This section shall be effective as if included in the CARES Act ( Public Law 116–136 ) and shall apply to any loan made under section 7(b)(2) of the Small Business Act ( 15 U.S.C. 636(b)(2) ) on or after the date of the enactment of the CARES Act.