All Information (Except Text) for S.4167 - Small Business Disaster Loan Enhancement Act of 2020116th Congress (2019-2020) |
|Sponsor:||Sen. Schatz, Brian [D-HI] (Introduced 07/02/2020)|
|Committees:||Senate - Small Business and Entrepreneurship|
|Latest Action:||Senate - 07/02/2020 Read twice and referred to the Committee on Small Business and Entrepreneurship. (All Actions)|
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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries
Actions Overview (1)
|07/02/2020||Introduced in Senate|
07/02/2020 Introduced in Senate
All Actions (1)
|07/02/2020||Read twice and referred to the Committee on Small Business and Entrepreneurship.|
Action By: Senate
07/02/2020 Read twice and referred to the Committee on Small Business and Entrepreneurship.
|Sen. Cortez Masto, Catherine [D-NV]*||07/02/2020|
|Sen. Wyden, Ron [D-OR]||07/21/2020|
|Sen. Gillibrand, Kirsten E. [D-NY]||07/21/2020|
|Sen. King, Angus S., Jr. [I-ME]||07/21/2020|
|Sen. Merkley, Jeff [D-OR]||07/28/2020|
|Committee / Subcommittee||Date||Activity||Reports|
|Senate Small Business and Entrepreneurship||07/02/2020||Referred to|
Subject — Policy Area:
One Policy Area term, which best describes an entire measure, is assigned to every public bill or resolution.
- Business expenses
- Cardiovascular and respiratory health
- Disaster relief and insurance
- Emergency medical services and trauma care
- Executive agency funding and structure
- Government lending and loan guarantees
- Infectious and parasitic diseases
- Interest, dividends, interest rates
- Small Business Administration
- Small business
- Wages and earnings
Latest Summary (1)
Introduced in Senate (07/02/2020)
Small Business Disaster Loan Enhancement Act of 2020
This bill authorizes and provides funding for additional disaster loans and grants made to small businesses by the Small Business Administration (SBA) and temporarily limits the interest rate for certain economic injury disaster loans.
Specifically, the bill authorizes an additional disaster loan to a prior recipient that received such a loan during the period between February 15, 2020, and December 31, 2020, up to an aggregate amount of $2 million. Further, the bill prohibits the SBA from imposing a maximum loan amount limit that is lower than $2 million for an initial disaster loan; rather, the SBA shall only consider the financial need and ability of the applicant to repay.
The bill also authorizes a recipient of such additional lending to request an additional advance, up to an aggregate amount of $10,000. A recipient that suffered a decline in revenue of not less than 50% between March 2, 2020, and December 31, 2020, may request an advance of not more than $25,000.
Further, the interest rate for any economic injury disaster loan made between February 15, 2020, and December 31, 2020, shall not exceed 1%.
Any amounts made available to provide loans under the Paycheck Protection Program established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019) that are unobligated as of August 8, 2020, shall be made available for SBA disaster loans.