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]

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.

Tracking Information

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Title

Remote Recreational Small Business Interruption Program Act

Sponsors


History

DateChamberAction
2020-09-10SenateRead 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


US Congress State Sources


Bill Comments

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