[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 3524 Introduced in Senate (IS)]

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116th CONGRESS
  2d Session
                                S. 3524

To modify terms related to the economic injury disaster loan program of 
the Small Business Administration for applicants affected by COVID-19, 
                        and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 18, 2020

  Mr. Cotton introduced the following bill; which was read twice and 
    referred to the Committee on Small Business and Entrepreneurship

_______________________________________________________________________

                                 A BILL


 
To modify terms related to the economic injury disaster loan program of 
the Small Business Administration for applicants affected by COVID-19, 
                        and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Coronavirus Credit Expansion Act''.

SEC. 2. SMALL BUSINESS ECONOMIC INJURY DISASTER LOANS.

    (a) In General.--With respect to loans made under section 7(b)(2) 
of the Small Business Act (15 U.S.C. 636(b)(2)) related to COVID-19--
            (1) the Small Business Administration shall expedite the 
        loan approval process for those loans such that the loans are 
        made as soon as is practicable; and
            (2) the maximum loan amount shall be $20,000,000.
    (b) Fraud.--The fine imposed for any conviction under sections 3729 
through 3733 of title 31, United States Code (commonly known as the 
``False Claims Act''), relating to the use of funds provided under 
section 7(b)(2) of the Small Business Act (15 U.S.C. 636(b)(2)) related 
to COVID-19 shall be equal to 3 times the amount of the loan.
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