H.R.6549 - Business Borrowers Protection Act116th Congress (2019-2020) |
|Sponsor:||Rep. Sherman, Brad [D-CA-30] (Introduced 04/17/2020)|
|Committees:||House - Financial Services|
|Latest Action:||House - 04/17/2020 Referred to the House Committee on Financial Services. (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.6549 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in House (04/17/2020)
Business Borrowers Protection Act
This bill prohibits a lender from requiring a borrower to repay on an accelerated basis any loan received under a governmental program responding to COVID-19 (i.e., coronavirus disease 2019). Further, a lender may not consider such a loan for purposes of determining whether the lender has the right to accelerate the due date of any loan agreement.
In addition, until two years after the termination of the COVID-19 national emergency, the bill (1) declares it to be U.S. policy that lenders should not accelerate due dates for any business loans or curtail any lines of credit, and (2) releases from liability a trustee that decides not to enforce a loan covenant that accelerates repayment under a loan agreement or reduces the availability of funds under a line of credit.