House - 07/02/2020 Referred to the Committee on Small Business, and in addition to the Committee on Ways and Means, 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. (All Actions)
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Introduced
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[actionDate] => 2020-07-02
[displayText] => Introduced in House
[externalActionCode] => 1000
[description] => Introduced
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)
To establish a loan program for businesses affected by COVID-19, and for other purposes.
Actions Overview (1)
Date
Actions Overview
07/02/2020
Introduced in House
07/02/2020 Introduced in House
All Actions (4)
Date
All Actions
07/02/2020
Referred to the Committee on Small Business, and in addition to the Committee on Ways and Means, 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. Action By: House of Representatives
07/02/2020
Referred to the Committee on Small Business, and in addition to the Committee on Ways and Means, 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. Action By: House of Representatives
07/02/2020
Referred to the Subcommittee on Select Revenue Measures. Action By: Committee on Ways and Means
07/02/2020
Introduced in House Action By: House of Representatives
07/02/2020 Referred to the Committee on Small Business, and in addition to the Committee on Ways and Means, 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.
07/02/2020 Referred to the Committee on Small Business, and in addition to the Committee on Ways and Means, 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.
07/02/2020 Referred to the Subcommittee on Select Revenue Measures.
Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.
Committee / Subcommittee
Date
Activity
Reports
House Small Business
07/02/2020
Referred to
House Ways and Means
07/02/2020
Referred to
House Ways and Means Subcommittee on Select Revenue Measures
Reviving the Economy Sustainably Towards A Recovery in Twenty-twenty Act or the RESTART Act
This bill establishes a loan program whereby the Small Business Administration (SBA) shall guarantee loan amounts to certain businesses affected by COVID-19 (i.e., coronavirus disease 2019).
Specifically, the bill requires the SBA to guarantee 100% of program loan amounts made to certain small businesses that have not more than than 5,000 full-time employees. The terms for such loans shall include (1) a maximum duration of not more than seven years; (2) an amount that is not greater than 45% of 2019 gross receipts, up to $12 million; and (3) no payment on principal for the first two years of the loan.
A lender that is otherwise approved to make paycheck protection loans may make and approve loans established by the bill, and a recipient may use loan funds for specified allowable expenses including payroll costs, rent, utilities, and personal protective equipment.
Such loans may be forgiven up to the amount of total losses incurred by the recipient in the taxable year 2020.
All Summaries (1)
Shown Here: Introduced in House (07/02/2020)
Reviving the Economy Sustainably Towards A Recovery in Twenty-twenty Act or the RESTART Act
This bill establishes a loan program whereby the Small Business Administration (SBA) shall guarantee loan amounts to certain businesses affected by COVID-19 (i.e., coronavirus disease 2019).
Specifically, the bill requires the SBA to guarantee 100% of program loan amounts made to certain small businesses that have not more than than 5,000 full-time employees. The terms for such loans shall include (1) a maximum duration of not more than seven years; (2) an amount that is not greater than 45% of 2019 gross receipts, up to $12 million; and (3) no payment on principal for the first two years of the loan.
A lender that is otherwise approved to make paycheck protection loans may make and approve loans established by the bill, and a recipient may use loan funds for specified allowable expenses including payroll costs, rent, utilities, and personal protective equipment.
Such loans may be forgiven up to the amount of total losses incurred by the recipient in the taxable year 2020.