US Congress House Bill 6324 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 22-0)
Status: Introduced on March 23 2020 - 25% progression, died in committee
Action: 2020-03-23 - Referred to the House Committee on Small Business.
Pending: House Small Business Committee
Text: Latest bill text (Introduced) [PDF]

Establishes requirements for, and revises components of, loan programs of the Small Business Administration (SBA) to provide economic relief to small businesses affected by COVID-19 (i.e., coronavirus disease 2019). Specifically, the SBA must waive the requirement that small businesses affected by COVID-19 be unable to find credit elsewhere in order to be eligible for SBA loans, and it must provide loans made in response to COVID-19 at no interest rate. In addition, the SBA is authorized to temporarily defer payments on any SBA loan for a small business that is affected by COVID-19. During the period from January 31, 2020, and ending on December 31, 2020, eligible small businesses that apply for an emergency disaster loan in response to COVID-19 may request that the SBA provide an advance of up to $15,000 within three days of receiving the application. Such advance may be used for any allowable purpose, including (1) providing paid sick leave to employees who are unable to work due to direct effects of COVID-19, (2) maintaining payroll to retain employees during business disruptions or substantial shutdowns, and (3) making rent or mortgage payments. Applicants shall not be required to repay any amounts of such advance, even if they are subsequently denied an emergency disaster loan. Further, under certain conditions, such advance may also be taken into consideration when determining forgiveness for a loan to meet payroll costs.

Too Small to Fail Act

Rep. Christopher Pappas [D-NH]	Rep. Max Rose [D-NY]	Rep. Kendra Horn [D-OK]	Rep. Eleanor Norton [D-DC]
Rep. Andre Carson [D-IN]	Rep. Susan Wild [D-PA]	Rep. Debbie Mucarsel-Powell [D-FL]	Rep. Jimmy Panetta [D-CA]
Rep. Jahana Hayes [D-CT]	Rep. Ann Kuster [D-NH]	Rep. Chellie Pingree [D-ME]	Rep. Mark Pocan [D-WI]
Rep. Alan Lowenthal [D-CA]	Rep. Jamie Raskin [D-MD]	Rep. Joaquin Castro [D-TX]	Rep. Frederica Wilson [D-FL]
Rep. Al Lawson [D-FL]	Rep. Bonnie Coleman [D-NJ]	Rep. Sheila Jackson-Lee [D-TX]	Rep. Val Demings [D-FL]
Rep. Debra Haaland [D-NM]	Rep. Ilhan Omar [D-MN]

Date	Chamber	Action
2020-03-23	House	Referred to the House Committee on Small Business.
2020-03-23	House	Introduced in House

HB748 (Related) 2020-07-23 - Committee on Small Business and Entrepreneurship. Hearings held.

Type	Source
Summary	https://www.congress.gov/bill/116th-congress/house-bill/6324/all-info
Text	https://www.congress.gov/116/bills/hr6324/BILLS-116hr6324ih.pdf