HEAL Act
Latest action · Jul 1, 2020 Referred to the Committee on Small Business, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJul 1, 2020
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Helping Entrepreneurs Access Loans Act or the HEAL Act
This bill establishes eligibility and provides funding for Small Business Administration (SBA) disaster loans and advance grants for eligible small businesses.
Eligible small businesses are those that (1) are located in an area in which the SBA declared a disaster due to civil unrest occurring between May 26, 2020, and July 1, 2020; (2) incurred damage due to such civil unrest; and (3) have average annual gross receipts of $2 million or less.
Such small businesses shall be eligible to receive forgivable loans and advance grants under the SBA's disaster loan program. Such loans shall be equal to 100% of the amount required to repair, rehabilitate, or replace property that was damaged or destroyed due to civil unrest and that was not compensated for by insurance, state or local government grants, or any other means. An applicant may also request an advance of up to $10,000 on such loan.
Further, a recipient shall be eligible for forgiveness of 75% of such loan if they are still in operation on December 31, 2021, and have submitted specified documentation related to sales and taxes paid.
Additionally, the SBA shall waive certain loan requirements such as (1) personal guarantees, (2) inability to obtain credit elsewhere, and (3) provision of collateral.
Cosponsors 5
Members who signed on, in the order they did. Signatures ran from Jul 13, 2020 to Jul 21, 2020.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-IN | André Carson | Jul 13, 2020 | |
| D-MS | Bennie G. Thompson | Jul 13, 2020 | |
| D-HI | Ed Case | Jul 13, 2020 | |
| D-TX | Sheila Jackson Lee | Jul 13, 2020 | |
| R-OH | Steve Chabot | Jul 21, 2020 |
Actions 2
Everything that happened, newest first.
- Jul 1, 2020Introduced in House
- Jul 1, 2020Referred to the Committee on Small Business, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 4135 | HEAL Act | Identical bill | Jul 1, 2020 |
Subjects
Assigned by the Library of Congress. Policy area: Commerce.
- Civil disturbances
- Commerce
- Crimes against property
- Disaster relief and insurance
- Economic performance and conditions
- Fraud offenses and financial crimes
- Government lending and loan guarantees
- Interest, dividends, interest rates
- Life, casualty, property insurance
- Small business
- Small Business Administration
Text 1
Each version as it was printed, newest first.
- Jul 1, 2020Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.
