US SB4560 | 2019-2020 | 116th Congress
Status
Spectrum: Partisan Bill (Democrat 3-0)
Status: Introduced on September 10 2020 - 25% progression, died in committee
Action: 2020-09-10 - Read twice and referred to the Committee on Small Business and Entrepreneurship.
Pending: Senate Small Business And Entrepreneurship Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on September 10 2020 - 25% progression, died in committee
Action: 2020-09-10 - Read twice and referred to the Committee on Small Business and Entrepreneurship.
Pending: Senate Small Business And Entrepreneurship Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Requires the Small Business Administration (SBA) to establish a program to make forgivable loans to certain remote recreational businesses that are impacted by border closures due to COVID-19 (i.e., coronavirus disease 2019). Eligible remote recreational businesses must (1) have experienced a loss in revenue that is greater than 50% between March 1, 2020, and July 1, 2020, as compared with the same period in the previous year; and (2) show that the closure of the U.S.-Canada border restricted the ability of American customers to access the location of such businesses. The maximum loan amount shall be equal to 75% of the business's FY2019 revenue, and the SBA shall forgive 100% of the value of such loan, less the amount the borrower received from (1) any other loan forgiveness program, or (2) any emergency advance under the economic impact disaster loan program.
Title
Remote Recreational Small Business Interruption Program Act
Sponsors
Sen. Tina Smith [D-MN] | Sen. Amy Klobuchar [D-MN] | Sen. Patty Murray [D-WA] |
History
Date | Chamber | Action |
---|---|---|
2020-09-10 | Senate | Read twice and referred to the Committee on Small Business and Entrepreneurship. |
Same As/Similar To
HB7845 (Related) 2020-07-29 - Referred to the House Committee on Small Business.
Subjects
Canada
Cardiovascular and respiratory health
Commerce
Emergency medical services and trauma care
Government lending and loan guarantees
Infectious and parasitic diseases
Outdoor recreation
Small business
Cardiovascular and respiratory health
Commerce
Emergency medical services and trauma care
Government lending and loan guarantees
Infectious and parasitic diseases
Outdoor recreation
Small business
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/116th-congress/senate-bill/4560/all-info |
Text | https://www.congress.gov/116/bills/s4560/BILLS-116s4560is.pdf |