H.R. 6268

Referred to Committee

SBA Business Stabilization Direct Loan Program Act of 2020

Introduced 3/12/2020•116th Congress•House

Congress.gov

Latest Action

Referred to the House Committee on Small Business.

3/12/2020 • House

Summary

SBA Business Stabilization Direct Loan Program Act of 2020

This bill requires the Small Business Administration (SBA) to temporarily make loans directly to small businesses located in a U.S. state or territory with a confirmed or presumed positive case of COVID-19 (i.e., coronavirus disease 2019).

A recipient of such a loan may use the funds to, among other things (1) make periodic payments of principal and interest on outstanding SBA loans; (2) provide benefits to employees such as disability insurance, sick leave, and paid family leave; (3) pay wages to employees; or (4) provide employees and patrons with the necessary items specified by a public health authority to mitigate the spread of the coronavirus.

The SBA shall accept any available collateral to secure such a loan and shall not decline to make a loan to an otherwise eligible borrower due solely to inadequate collateral.

Introduced in House • 3/12/2020

Enter your district to see how this bill affects your community

Topics & Subjects

Policy Area: Commerce

Administrative law and regulatory proceduresBusiness investment and capitalCardiovascular and respiratory healthCommutingComputers and information technologyEmergency medical services and trauma careEmployee benefits and pensionsEmployee leaveEmployment taxesFinancial crises and stabilizationGovernment lending and loan guaranteesHealth promotion and preventive careInfectious and parasitic diseasesLife, casualty, property insuranceSales and excise taxesSmall Business AdministrationSmall businessState and local taxationTax administration and collection, taxpayers