H.R. 6324 · 116th Congress
Too Small to Fail Act
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Never voted on. It didn't reach a floor vote before the 116th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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PappasSponsor21 cosponsors · 21 D
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Carson
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Horn
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Kuster
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Mucarsel-Powell
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Norton
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Pingree
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Panetta
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Rose
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Wild
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Lowenthal
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Pocan
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Castro
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Raskin
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Wilson
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Lawson
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Jackson Lee
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Watson Coleman
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Demings
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Haaland
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Omar10 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill establishes requirements for, and revises components of, loan programs of the Small Business Administration (SBA) to provide economic relief to small businesses affected by COVID-19 (i.e., coronavirus disease 2019).
What it does: CRS summary · Introduced in House · Mar 23, 2020
Too Small to Fail Act
This bill establishes requirements for, and revises components of, loan programs of the Small Business Administration (SBA) to provide economic relief to small businesses affected by COVID-19 (i.e., coronavirus disease 2019).
Specifically, the SBA must waive the requirement that small businesses affected by COVID-19 be unable to find credit elsewhere in order to be eligible for SBA loans, and it must provide loans made in response to COVID-19 at no interest rate. In addition, the SBA is authorized to temporarily defer payments on any SBA loan for a small business that is affected by COVID-19.
During the period from January 31, 2020, and ending on December 31, 2020, eligible small businesses that apply for an emergency disaster loan in response to COVID-19 may request that the SBA provide an advance of up to $15,000 within three days of receiving the application. Such advance may be used for any allowable purpose, including (1) providing paid sick leave to employees who are unable to work due to direct effects of COVID-19, (2) maintaining payroll to retain employees during business disruptions or substantial shutdowns, and (3) making rent or mortgage payments. Applicants shall not be required to repay any amounts of such advance, even if they are subsequently denied an emergency disaster loan. Further, under certain conditions, such advance may also be taken into consideration when determining forgiveness for a loan to meet payroll costs.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Too Small to Fail Act
Latest action (Mar 23, 2020): Referred to the House Committee on Small Business.
Policy area: Commerce · Origin: House · Introduced: Mar 23, 2020
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.