Text: H.R.6333 — 116th Congress (2019-2020)All Information (Except Text)

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Introduced in House (03/23/2020)


116th CONGRESS
2d Session
H. R. 6333


To establish a Small Business Financial Assistance Program to support small businesses during the COVID–19 emergency, and for other purposes.


IN THE HOUSE OF REPRESENTATIVES

March 23, 2020

Mrs. Beatty introduced the following bill; which was referred to the Committee on Small Business, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned


A BILL

To establish a Small Business Financial Assistance Program to support small businesses during the COVID–19 emergency, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Small Business Financial Assistance Program.

(a) In general.—The Secretary of the Treasury shall establish a Small Business Financial Assistance Program under which the Secretary shall provide loans and loan guarantees to small businesses.

(b) Application.—In making loans and loan guarantees under this section, the Secretary shall—

(1) provide a simple application process for borrowers; and

(2) establish clear and easy to understand underwriting standards for such loans.

(c) Zero-Interest loans.—Loans made by or guaranteed by the Secretary under this section shall be zero-interest loans, if the small business receiving such loan does not involuntarily terminate any employee of the small business during the COVID–19 emergency.

(d) Advance.—

(1) IN GENERAL.—Upon request from an applicant for a loan under this section, the Secretary may provide to such applicant an advance, in cash, to such applicant.

(2) AMOUNT.—An advance provided under paragraph (1) shall be in an amount equal to the revenue of the applicant for the period beginning January 1, 2020, and ending January 31, 2020.

(3) PROCEDURES.—

(A) REVIEW.—The Secretary shall have 1 week from the receipt of a request for an advance under paragraph (1) to conduct a risk assessment of the applicant to determine whether to approve or deny such request.

(B) APPROVAL.—If the Secretary does not deny a request under subparagraph (A), the advance shall be directly deposited into the account identified by the applicant.

(C) REMAINING FUNDS.—Not later than 4 weeks after approving a request of an applicant under subparagraph (A), the Secretary shall disburse the remaining funds to such applicant.

(e) Forgiveness.—If a small business that receives a loan or loan guarantee under this section demonstrates to the Secretary that the number of full-time employees of such small business on the date such small business submitted an application under this section is greater than or equal to the number of full-time employees of such small business on the date that is 1 year after the date of such submission, the Secretary shall forgive the remaining outstanding principal and interest on such loan or loan guarantee.

(f) Funding.—The Secretary shall use $50,000,000,000 from the Exchange Stabilization Fund, without further appropriation, to carry out this section.

(g) Definitions.—In this section:

(1) COVID–19 EMERGENCY.—The term “COVID–19 emergency” means the period that—

(A) begins on the declaration of the emergency declared on March 13, 2020, by the President under the Robert T. Stafford Disaster Relief and Emergency Assistance Act (42 U.S.C. 4121 et seq.) relating to the Coronavirus Disease 2019 (COVID–19) pandemic; and

(B) ends on the termination by the Federal Emergency Management Agency of such emergency.

(2) SMALL BUSINESS.—The term “small business” means—

(A) a small business concern (as defined under section 3 of the Small Business Act (15 U.S.C. 632);

(B) a family farm; and

(C) an independent contractor.


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