Summary: H.R.6361 — 116th Congress (2019-2020)All Information (Except Text)

There is one summary for H.R.6361. Bill summaries are authored by CRS.

Shown Here:
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.