3.0.0 4135 2023-01-11T13:45:42Z 2023-01-11T13:45:42Z Senate S 2020-07-01 116 sssb00 Small Business and Entrepreneurship Committee Senate Standing Referred to 2020-07-01T21:10:34Z HEAL Act 116 7451 HR 2020-07-01 Referred to the Committee on Small Business, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. Identical bill CRS 2020-07-01 sssb00 Small Business and Entrepreneurship Committee Senate Read twice and referred to the Committee on Small Business and Entrepreneurship. IntroReferral 2020-07-01 Introduced in Senate IntroReferral 10000 9 Library of Congress T000461 Sen. Toomey, Patrick [R-PA] Patrick Toomey R PA J. N S001203 Sen. Smith, Tina [D-MN] Tina Smith D MN 2020-09-10 False Commerce Commerce 00 2020-07-01 Introduced in Senate 2020-07-28T17:51:26Z Helping Entrepreneurs Access Loans Act or the HEAL Act

This bill establishes eligibility and provides funding for Small Business Administration (SBA) disaster loans and advance grants for eligible small businesses.

Eligible small businesses are those that (1) are located in an area in which the SBA declared a disaster due to civil unrest occurring between May 26, 2020, and July 1, 2020; (2) incurred damage due to such civil unrest; and (3) have average annual gross receipts of $2 million or less.

Such small businesses shall be eligible to receive forgivable loans and advance grants under the SBA's disaster loan program. Such loans shall be equal to 100% of the amount required to repair, rehabilitate, or replace property that was damaged or destroyed due to civil unrest and that was not compensated for by insurance, state or local government grants, or any other means. An applicant may also request an advance of up to $10,000 on such loan.

Further, a recipient shall be eligible for forgiveness of 75% of such loan if they are still in operation on December 31, 2021, and have submitted specified documentation related to sales and taxes paid.

Additionally, the SBA shall waive certain loan requirements such as (1) personal guarantees, (2) inability to obtain credit elsewhere, and (3) provision of collateral.

]]> HEAL Act Display Title HEAL Act Short Title(s) as Introduced HEAL Act Introduced in Senate IS Short Title(s) as Introduced Helping Entrepreneurs Access Loans Act Introduced in Senate IS Official Title as Introduced A bill to provide forgivable physical disaster loans to businesses damaged due to civil unrest, and for other purposes. Introduced in Senate IS Introduced in Senate 2020-07-01T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116s4135is/xml/BILLS-116s4135is.xml 2020-07-01 Read twice and referred to the Committee on Small Business and Entrepreneurship. 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.