3.0.0 6344 2022-02-08T23:14:38Z 2022-02-08T23:14:38Z House HR 2020-03-23 116 [Congressional Record Volume 166, Number 57 (Monday, March 23, 2020)][House][Pages H1717-H1718]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. EVANS:H.R. 6344.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, Clause 1The Congress shall have Power to . . . provide for the . .. general Welfare of the United States; . . .[[Page H1718]]Article I, Section 8, Clause 3The Congress shall have Power . . . To regulate Commercewith foreign Nations, and among the several States, and withthe Indian Tribes.]]> hssm00 Small Business Committee House Standing Referred to 2020-03-23T15:31:15Z COVID–19 Relief for Small Businesses Act of 2020 116 6312 HR 2020-03-19 Referred to the House Committee on Small Business. 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 E000296 Rep. Evans, Dwight [D-PA-3] Dwight Evans D PA 3 N Commerce Business records Cardiovascular and respiratory health Commuting Computers and information technology Disaster relief and insurance Emergency medical services and trauma care Employee benefits and pensions Employee leave Government lending and loan guarantees Infectious and parasitic diseases Interest, dividends, interest rates Small business Commerce 00 2020-03-23 Introduced in House 2020-04-16T16:20:08Z Expediting the EIDL Program Act of 2020

This bill modifies the disbursement of economic injury disaster loans by the Small Business Administration (SBA) with respect to such loans made in response to COVID-19 (i.e., coronavirus disease 2019).

Specifically, the bill authorizes the SBA to increase the amount of a disaster loan to a small business by 20% to cover costs related to continuity of operations and risk mitigation improvements. The bill also authorizes the SBA to make such loans to startups and to waive rules related to affiliation, and it requires the SBA to waive the personal guarantee requirement on such loans made to cooperatives.

In addition, an applicant for a disaster loan may request an advance on such loan up to a specified amount, and they shall not be required to repay any amount of an advance if they are subsequently denied a disaster loan. The bill also authorizes the SBA to approve an applicant for a disaster loan that is below a certain amount based solely on the applicant's credit score and to use alternative methods to determine such applicant's ability to repay.

Further, the bill establishes a maximum interest rate on a disaster loan based on an applicant's ability to obtain credit elsewhere, and it expands the qualifying events for which a disaster loan may be awarded to include emergencies involving federal primary responsibility.

]]> Expediting the EIDL Program Act of 2020 Display Title Expediting the EIDL Program Act of 2020 Official Title as Introduced To modify the economic injury disaster loan of the Small Business Administration in response to COVID-19, and for other purposes. Introduced in House IH Short Title(s) as Introduced Expediting the EIDL Program Act of 2020 Introduced in House IH Introduced in House 2020-03-23T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116hr6344ih/xml/BILLS-116hr6344ih.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.