S. 3519

Referred to Committee

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.

Introduced 3/18/2020•116th Congress•Senate

Latest Action

Read twice and referred to the Committee on Small Business and Entrepreneurship.

3/18/2020 • Senate

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.

Introduced in Senate • 3/18/2020

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Topics & Subjects

Policy Area: Commerce

Bank accounts, deposits, capitalBanking and financial institutions regulationBusiness investment and capitalCardiovascular and respiratory healthCredit and credit marketsEmergency medical services and trauma careGovernment lending and loan guaranteesInfectious and parasitic diseasesInterest, dividends, interest ratesMinority and disadvantaged businessesSmall businessVeterans' education, employment, rehabilitationVeterans' loans, housing, homeless programsWomen in business