S.3782 - Small Business Lending Continuity Act of 2020116th Congress (2019-2020) |
|Sponsor:||Sen. Duckworth, Tammy [D-IL] (Introduced 05/20/2020)|
|Committee Meetings:||06/03/20 10:00AM|
|Latest Action:||Senate - 06/03/2020 Committee on Small Business and Entrepreneurship. Hearings held. (All Actions)|
This bill has the status Passed Senate
Here are the steps for Status of Legislation:
- Passed Senate
- Passed House
- To President
- Became Law
Summary: S.3782 — 116th Congress (2019-2020)All Information (Except Text)
Passed Senate (05/20/2020)
Small Business Lending Continuity Act of 2020
This bill revises the authorization for certain Small Business Administration (SBA) loan products currently linked to the Paycheck Protection Program that was implemented in response to COVID-19 (i.e., coronavirus disease 2019).
Under current law, the authorization for the Paycheck Protection Program and the SBA's standard small business loan products (the 7(a) loan program) are combined into one joint authorization for the duration of the Paycheck Protection Program. The bill returns the 7(a) loan program to the purview of its stand-alone authorization to prevent it from being terminated upon the two programs' attainment of the joint authorization cap.