H.R.6304 - Small Business Repayment Relief Act of 2020116th Congress (2019-2020) |
|Sponsor:||Rep. Delgado, Antonio [D-NY-19] (Introduced 03/19/2020)|
|Committees:||House - Small Business|
|Latest Action:||House - 03/19/2020 Referred to the House Committee on Small Business. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- To President
- Became Law
Summary: H.R.6304 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in House (03/19/2020)
Small Business Repayment Relief Act of 2020
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.