S.3554 - COVID-19 RELIEF for Small Businesses Act of 2020116th Congress (2019-2020) |
|Sponsor:||Sen. Cardin, Benjamin L. [D-MD] (Introduced 03/20/2020)|
|Committees:||Senate - Small Business and Entrepreneurship|
|Latest Action:||Senate - 03/20/2020 Read twice and referred to the Committee on Small Business and Entrepreneurship. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed Senate
- Passed House
- To President
- Became Law
Summary: S.3554 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in Senate (03/20/2020)
COVID-19 Recovery by Enhancing Loan, Investment, and Education Funds for Small Businesses Act of 2020 or the COVID-19 RELIEF for Small Businesses Act of 2020
This bill establishes measures to provide assistance to small businesses impacted by COVID-19 (i.e., coronavirus disease 2019).
Specifically, the Small Business Administration (SBA) must (1) provide economic injury grants for certain small businesses that have suffered substantial economic injury resulting from COVID-19; (2) establish a program to make direct loans to small businesses, up to 50% of which may be forgiven; and (3) pay the principal, interest, and associated fees on certain SBA loans, including microloans, for a six-month period.
The bill also
- temporarily increases guarantee amounts and loan sizes for certain SBA loans, temporarily waives or reduces certain fees on SBA loans, and permanently waives the guarantee fee on SBA loans for veterans;
- revises the Microloan Program to increase available funds, extend repayment terms, and waive certain requirements for technical assistance grants;
- provides additional funding for small business economic development programs;
- revises and makes permanent the SBA's Intermediary Lending Program, the Community Advantage Loan Program, the Small Business Innovation Research Program, and the Small Business Technology Transfer Program;
- establishes the Innovation Centers Program whereby the SBA shall enter into cooperative agreements with certain entities to spur innovation and economic growth in underserved and rural communities; and
- establishes the Office of Emerging Markets to oversee the planning, coordination, and implementation of SBA efforts to enhance the economic well-being of small businesses in emerging markets.
The federal government must grant certain flexibilities (e.g., additional performance time) to small business federal contractors and expedite the contract award process.