S.3524 - Coronavirus Credit Expansion Act116th Congress (2019-2020)
|Sponsor:||Sen. Cotton, Tom [R-AR] (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.3524 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in Senate (03/18/2020)
Coronavirus Credit Expansion Act
This bill increases the maximum loan amount for a small business disaster loan made in response to COVID-19 (i.e., coronavirus disease 2019), and it requires the Small Business Administration to expedite the loan approval process for such loans.
The fine for a conviction relating to a fraudulent claim for the payment or approval of such a loan shall be three times the amount of the loan.