A bill to authorize the Administrator of the Small Business Administration to subsidize payments on loans guaranteed under the 7(a) and 504 loan programs or made using funds under the microloan program, and for other purposes.
Latest action · Mar 18, 2020 Read twice and referred to the Committee on Small Business and Entrepreneurship.
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.
- IntroducedMar 18, 2020
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
This bill requires the Small Business Administration (SBA) to pay the principal, interest, and any associated fees owed on certain loans made to small businesses for a six month period.
The SBA must also encourage the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and state bank regulators to not require lenders to increase their reserves on account of receiving such payments made by the SBA. The SBA shall waive statutory limits on maximum loan maturities for certain loan durations where the lender provides a deferral and extends the maturity of such loans and, when necessary to provide more time because of difficulties during the COVID-19 (i.e., coronavirus disease 2019) pandemic, extend lender site visit requirements.
Cosponsors 15
Members who signed on, in the order they did. Signatures ran from Mar 18, 2020 to Mar 22, 2020; 11 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-MN | Amy Klobuchar | Original | Mar 18, 2020 |
| I-ME | Angus S. King Jr. | Original | Mar 18, 2020 |
| D-MD | Benjamin L. Cardin | Original | Mar 18, 2020 |
| D-MA | Edward J. Markey | Original | Mar 18, 2020 |
| D-NH | Jeanne Shaheen | Original | Mar 18, 2020 |
| D-MT | Jon Tester | Original | Mar 18, 2020 |
| D-NY | Kirsten E. Gillibrand | Original | Mar 18, 2020 |
| D-NH | Margaret Wood Hassan | Original | Mar 18, 2020 |
| D-HI | Mazie K. Hirono | Original | Mar 18, 2020 |
| D-OR | Ron Wyden | Original | Mar 18, 2020 |
| D-IL | Tammy Duckworth | Original | Mar 18, 2020 |
| D-WA | Maria Cantwell | Mar 19, 2020 | |
| D-MD | Chris Van Hollen | Mar 22, 2020 | |
| D-WA | Patty Murray | Mar 22, 2020 | |
| R-MT | Steve Daines | Mar 22, 2020 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| Senate | Small Business and Entrepreneurship Committee | Referred Mar 18, 2020 |
Actions 2
Everything that happened, newest first.
- Mar 18, 2020Introduced in Senate
- Mar 18, 2020Read twice and referred to the Committee on Small Business and Entrepreneurship.
Related bills 4
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 748 | CARES Act | Related bill | Jul 23, 2020 |
| HR 6304 | Small Business Repayment Relief Act of 2020 | Related bill | Mar 19, 2020 |
| HR 6312 | COVID–19 Relief for Small Businesses Act of 2020 | Related bill | Mar 19, 2020 |
| HR 6379 | Workforce Emergency Response Act of 2020 | Related bill | Mar 23, 2020 |
Titles 1
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- A bill to authorize the Administrator of the Small Business Administration to subsidize payments on loans guaranteed under the 7(a) and 504 loan programs or made using funds under the microloan program, and for other purposes.
Subjects
Assigned by the Library of Congress. Policy area: Commerce.
- Bank accounts, deposits, capital
- Banking and financial institutions regulation
- Business investment and capital
- Cardiovascular and respiratory health
- Commerce
- Credit and credit markets
- 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' education, employment, rehabilitation
- Veterans' loans, housing, homeless programs
- Women in business
Text 1
Each version as it was printed, newest first.
- Mar 18, 2020Introduced in Senate
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; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
