Summary: S.3541 — 116th Congress (2019-2020)All Information (Except Text)

There is one summary for S.3541. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (03/19/2020)

This bill establishes certain measures related to small business disaster loans made in response to COVID-19 (i.e., coronavirus disease 2019).

Specifically, the bill authorizes the Small Business Administration to forgive the outstanding principal balance of a small business disaster loan made in response to COVID-19 if the borrower maintains all of its employees at full pay and benefits throughout the duration of the declared national emergency. The bill also raises the maximum amount for a disaster loan made in response to COVID-19, and it waives the requirement that a borrower demonstrate an inability to obtain credit elsewhere.