S. 3519 · 116th Congress
A bill to authorize the Administrator of the Small Business Administration to subsidize payments on loans…
Full title
A bill to authorize the Administrator of the Small Business Administration to subsidize payments on loans guaranteed under the 7(a) and 504 loan programs or made using funds under the microloan program, and for other purposes.
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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.
D
CoonsSponsor15 cosponsors · 13 D, 1 R, 1 I
D
Cardin
TD
D
Duckworth
KG
D
Gillibrand
MH
D
Hirono
MH
D
Hassan
AK
D
Klobuchar
AK
I
King
EM
D
Markey
JS
D
Shaheen
JT
D
Tester
RW
D
Wyden
MC
D
Cantwell
SD
R
Daines
PM
D
Murray
CV
D
Van Hollen11 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill requires the Small Business Administration (SBA) to pay the principal, interest, and any associated fees owed on certain loans made to small businesses for a six month period.
What it does: CRS summary · Introduced in Senate · Mar 18, 2020
This bill requires the Small Business Administration (SBA) to pay the principal, interest, and any associated fees owed on certain loans made to small businesses for a six month period.
The SBA must also encourage the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and state bank regulators to not require lenders to increase their reserves on account of receiving such payments made by the SBA. The SBA shall waive statutory limits on maximum loan maturities for certain loan durations where the lender provides a deferral and extends the maturity of such loans and, when necessary to provide more time because of difficulties during the COVID-19 (i.e., coronavirus disease 2019) pandemic, extend lender site visit requirements.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: A bill to authorize the Administrator of the Small Business Administration to subsidize payments on loans guaranteed under the 7(a) and 504 loan programs or made using funds under the microloan program, and for other purposes.
Latest action (Mar 18, 2020): Read twice and referred to the Committee on Small Business and Entrepreneurship.
Policy area: Commerce · Origin: Senate · Introduced: Mar 18, 2020
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.