S.3519 - A bill to authorize the Administrator of the Small Business Administration to subsidize payments on loans guaranteed under the 7(a) and 504 loan programs or made using funds under the microloan program, and for other purposes.116th Congress (2019-2020)
|Sponsor:||Sen. Coons, Christopher A. [D-DE] (Introduced 03/18/2020)|
|Committees:||Senate - Small Business and Entrepreneurship|
|Latest Action:||Senate - 03/18/2020 Read twice and referred to the Committee on Small Business and Entrepreneurship. (All Actions)|
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Summary: S.3519 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in Senate (03/18/2020)
This bill requires the Small Business Administration (SBA) to pay the principal, interest, and any associated fees owed on certain loans made to small businesses for a six month period.
The SBA must also encourage the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and state bank regulators to not require lenders to increase their reserves on account of receiving such payments made by the SBA. The SBA shall waive statutory limits on maximum loan maturities for certain loan durations where the lender provides a deferral and extends the maturity of such loans and, when necessary to provide more time because of difficulties during the COVID-19 (i.e., coronavirus disease 2019) pandemic, extend lender site visit requirements.