3.0.0 6549 2023-01-11T13:43:10Z 2023-01-11T13:43:10Z House HR 2020-04-17 116 [Congressional Record Volume 166, Number 73 (Friday, April 17, 2020)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. SHERMAN:H.R. 6549.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, Clauses l and 18 of the United StatesConstitution.[Page H1895]]]> hsba00 Financial Services Committee House Standing Referred to 2020-04-17T15:02:25Z 2020-04-17 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2020-04-17 Introduced in House IntroReferral Intro-H 9 Library of Congress 2020-04-17 Introduced in House IntroReferral 1000 9 Library of Congress S000344 Rep. Sherman, Brad [D-CA-30] BRAD SHERMAN D CA 30 N Commerce Cardiovascular and respiratory health Credit and credit markets Economic performance and conditions Emergency medical services and trauma care Government lending and loan guarantees Infectious and parasitic diseases Small business Commerce 00 2020-04-17 Introduced in House 2020-05-02T22:16:45Z Business Borrowers Protection Act

This bill prohibits a lender from requiring a borrower to repay on an accelerated basis any loan received under a governmental program responding to COVID-19 (i.e., coronavirus disease 2019). Further, a lender may not consider such a loan for purposes of determining whether the lender has the right to accelerate the due date of any loan agreement.

In addition, until two years after the termination of the COVID-19 national emergency, the bill (1) declares it to be U.S. policy that lenders should not accelerate due dates for any business loans or curtail any lines of credit, and (2) releases from liability a trustee that decides not to enforce a loan covenant that accelerates repayment under a loan agreement or reduces the availability of funds under a line of credit.

]]> Business Borrowers Protection Act Display Title Business Borrowers Protection Act Official Title as Introduced To prevent the acceleration of the due date of business loans during the COVID-19 national emergency, and for other purposes. Introduced in House IH Short Title(s) as Introduced Business Borrowers Protection Act Introduced in House IH Introduced in House 2020-04-17T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116hr6549ih/xml/BILLS-116hr6549ih.xml 2020-04-17 Referred to the House Committee on Financial Services. 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.