[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 3541 Introduced in Senate (IS)]

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116th CONGRESS
  2d Session
                                S. 3541

 To modify requirements relating to small business disaster loans made 
            in response to COVID-19, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 19, 2020

Mr. Schumer (for Ms. Baldwin) introduced the following bill; which was 
    read twice and referred to the Committee on Small Business and 
                            Entrepreneurship

_______________________________________________________________________

                                 A BILL


 
 To modify requirements relating to small business disaster loans made 
            in response to 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. DISASTER LOANS RELATED TO COVID-19.

    With respect to a loan made under section 7(b)(2) of the Small 
Business Act (15 U.S.C. 636(b)(2)) in response to COVID-19--
            (1) the Small Business Administration may forgive the 
        outstanding principal balance of the loan if the borrower 
        maintains all of its employees at full pay and full benefits 
        throughout the duration of the emergency involving Federal 
        primary responsibility determined to exist by the President 
        under the section 501(b) of the Robert T. Stafford Disaster 
        Relief and Emergency Assistance Act (42 U.S.C. 5191(b)) with 
        respect to the Coronavirus Disease 2019 (COVID-19);
            (2) the maximum loan amount shall be $10,000,000; and
            (3) the requirement that the borrower demonstrate that it 
        is unable to obtain credit elsewhere is waived.
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