3.0.0 4167 2023-01-11T13:45:41Z 2023-01-11T13:45:41Z Senate S 2020-07-02 116 sssb00 Small Business and Entrepreneurship Committee Senate Standing Referred to 2020-07-02T19:13:16Z 2020-07-02 sssb00 Small Business and Entrepreneurship Committee Senate Read twice and referred to the Committee on Small Business and Entrepreneurship. IntroReferral 2020-07-02 Introduced in Senate IntroReferral 10000 9 Library of Congress S001194 Sen. Schatz, Brian [D-HI] Brian Schatz D HI N C001113 Sen. Cortez Masto, Catherine [D-NV] Catherine Cortez Masto D NV 2020-07-02 True W000779 Sen. Wyden, Ron [D-OR] Ron Wyden D OR 2020-07-21 False G000555 Sen. Gillibrand, Kirsten E. [D-NY] Kirsten Gillibrand D NY E. 2020-07-21 False K000383 Sen. King, Angus S., Jr. [I-ME] Angus King I ME S. 2020-07-21 False M001176 Sen. Merkley, Jeff [D-OR] Jeff Merkley D OR 2020-07-28 False Commerce Appropriations 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 Commerce 00 2020-07-02 Introduced in Senate 2020-07-27T16:58:26Z 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.

]]> Small Business Disaster Loan Enhancement Act of 2020 Display Title Small Business Disaster Loan Enhancement Act of 2020 Short Title(s) as Introduced Small Business Disaster Loan Enhancement Act of 2020 Introduced in Senate IS Official Title as Introduced A bill to set the interest rate applicable to certain economic injury disaster loans, and for other purposes. Introduced in Senate IS Introduced in Senate 2020-07-02T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116s4167is/xml/BILLS-116s4167is.xml 2020-07-02 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.