3.0.0 6324 2022-02-09T02:28:09Z 2022-02-09T02:28:09Z House HR 2020-03-23 116 [Congressional Record Volume 166, Number 57 (Monday, March 23, 2020)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. PAPPAS:H.R. 6324.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8 of the United States Constitution.[Page H1717]]]> hssm00 Small Business Committee House Standing Referred to 2020-03-23T15:36:00Z CARES Act 116 748 HR 2020-07-23 Committee on Small Business and Entrepreneurship. Hearings held. Related bill CRS 2020-03-23 Referred to the House Committee on Small Business. IntroReferral H11100 2 House floor actions hssm00 Small Business Committee 2020-03-23 Introduced in House IntroReferral Intro-H 9 Library of Congress 2020-03-23 Introduced in House IntroReferral 1000 9 Library of Congress P000614 Rep. Pappas, Chris [D-NH-1] Chris Pappas D NH 1 N R000613 Rep. Rose, Max [D-NY-11] Max Rose D NY 11 2020-03-23 True H001083 Rep. Horn, Kendra S. [D-OK-5] Kendra Horn D OK S. 5 2020-03-23 True N000147 Del. Norton, Eleanor Holmes [D-DC-At Large] ELEANOR NORTON D DC HOLMES 0 2020-03-23 True C001072 Rep. Carson, Andre [D-IN-7] Andre Carson D IN 7 2020-03-23 True W000826 Rep. Wild, Susan [D-PA-7] Susan Wild D PA 7 2020-03-23 True M001207 Rep. Mucarsel-Powell, Debbie [D-FL-26] Debbie Mucarsel-Powell D FL 26 2020-03-23 True P000613 Rep. Panetta, Jimmy [D-CA-20] Jimmy Panetta D CA 20 2020-03-23 True H001081 Rep. Hayes, Jahana [D-CT-5] Jahana Hayes D CT 5 2020-03-23 True K000382 Rep. Kuster, Ann M. [D-NH-2] Ann Kuster D NH M. 2 2020-03-23 True P000597 Rep. Pingree, Chellie [D-ME-1] Chellie Pingree D ME 1 2020-03-23 True P000607 Rep. Pocan, Mark [D-WI-2] Mark Pocan D WI 2 2020-03-24 False L000579 Rep. Lowenthal, Alan S. [D-CA-47] Alan Lowenthal D CA S. 47 2020-03-24 False R000606 Rep. Raskin, Jamie [D-MD-8] Jamie Raskin D MD 8 2020-04-07 False C001091 Rep. Castro, Joaquin [D-TX-20] Joaquin Castro D TX 20 2020-04-07 False W000808 Rep. Wilson, Frederica S. [D-FL-24] Frederica Wilson D FL S. 24 2020-04-07 False L000586 Rep. Lawson, Al, Jr. [D-FL-5] Al Lawson D FL 5 2020-04-17 False W000822 Rep. Watson Coleman, Bonnie [D-NJ-12] Bonnie Watson Coleman D NJ 12 2020-04-21 False J000032 Rep. Jackson Lee, Sheila [D-TX-18] SHEILA JACKSON LEE D TX 18 2020-04-21 False D000627 Rep. Demings, Val Butler [D-FL-10] Val Demings D FL Butler 10 2020-04-23 False H001080 Rep. Haaland, Debra A. [D-NM-1] Debra Haaland D NM A. 1 2020-06-15 False O000173 Rep. Omar, Ilhan [D-MN-5] Ilhan Omar D MN 5 2020-07-20 False Commerce Cardiovascular and respiratory health Disaster relief and insurance Emergency medical services and trauma care Employee leave Government lending and loan guarantees Infectious and parasitic diseases Interest, dividends, interest rates Small business Wages and earnings Commerce 00 2020-03-23 Introduced in House 2020-04-14T13:09:20Z Too Small to Fail Act

This bill establishes requirements for, and revises components of, loan programs of the Small Business Administration (SBA) to provide economic relief to small businesses affected by COVID-19 (i.e., coronavirus disease 2019).

Specifically, the SBA must waive the requirement that small businesses affected by COVID-19 be unable to find credit elsewhere in order to be eligible for SBA loans, and it must provide loans made in response to COVID-19 at no interest rate. In addition, the SBA is authorized to temporarily defer payments on any SBA loan for a small business that is affected by COVID-19.

During the period from January 31, 2020, and ending on December 31, 2020, eligible small businesses that apply for an emergency disaster loan in response to COVID-19 may request that the SBA provide an advance of up to $15,000 within three days of receiving the application. Such advance may be used for any allowable purpose, including (1) providing paid sick leave to employees who are unable to work due to direct effects of  COVID-19, (2) maintaining payroll to retain employees during business disruptions or substantial shutdowns, and (3) making rent or mortgage payments. Applicants shall not be required to repay any amounts of such advance, even if they are subsequently denied an emergency disaster loan. Further, under certain conditions, such advance may also be taken into consideration when determining forgiveness for a loan to meet payroll costs.

]]> Too Small to Fail Act Display Title Too Small to Fail Act Official Title as Introduced To amend the Small Business Act to provide no interest rate loans to small businesses and non-profit entities impacted by the coronavirus (COVID-19), and for other purposes. Introduced in House IH Short Title(s) as Introduced Too Small to Fail Act Introduced in House IH Introduced in House 2020-03-23T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116hr6324ih/xml/BILLS-116hr6324ih.xml 2020-03-23 Referred to the House Committee on Small Business. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.