H.R.6361 - Relief for Small Businesses and Nonprofits Act116th Congress (2019-2020)
|Sponsor:||Rep. Perlmutter, Ed [D-CO-7] (Introduced 03/23/2020)|
|Committees:||House - Financial Services|
|Committee Meetings:||07/30/20 12:30PM|
|Latest Action:||House - 03/23/2020 Referred to the House Committee on Financial Services. (All Actions)|
This bill has the status Introduced
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Summary: H.R.6361 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in House (03/23/2020)
Relief for Small Businesses and Nonprofits Act
This bill places restrictions on the collection of debts owed by small businesses and nonprofit organizations during the COVID-19 (i.e., coronavirus disease 2019) emergency period. Among other things, debt collectors may not during such a period
- enforce a security interest through a repossession or foreclosure,
- commence or continue litigation to collect a debt,
- terminate utility service,
- seize assets,
- commence or continue an eviction, or
- charge fees or apply a higher interest rate as a result of nonpayment.
After such a period, debt collectors must provide certain repayment options including extending the repayment period for debts.
Violations of these provisions are subject to civil enforcement.
The Federal Reserve Board must establish a facility to compensate loan holders for losses caused by the suspension of payments.