COVID–19 Relief for Small Businesses Act of 2020

Summary

COVID-19 Relief for Small Businesses Act of 2020 This bill establishes measures to support small businesses impacted by COVID-19 (i.e., coronavirus disease 2019). Specifically, the SBA must temporarily make or guarantee loans for specified uses to small businesses in a state or territory with a case of COVID-19, up to 50% of which may be forgiven; pay the principal, interest, and associated fees owed on certain small business loans for a six-month period; provide grants to small businesses suffering substantial economic injury because of COVID-19; provide grants to small business development centers, women's business centers, and chapters of the Service Corps of Retired Executives for specified purposes; reimburse grant recipients under the State Trade Expansion Program for an amount of losses related to COVID-19; provide SBA resources and services in the 10 most commonly spoken languages, other than English, in the United States, including Mandarin, Cantonese, Japanese, and Korean. In addition, the SBA may make economic injury disaster loans to small businesses in response to COVID-19 and waive certain requirements on such loans. The bill also temporarily increases guarantee amounts and loan sizes for certain SBA loans, temporarily waives or reduces certain fees on SBA loans, and permanently waives the guarantee fee on SBA loans for veterans; revises the Microloan Program; provides additional leverage for small businesses affected by COVID-19; reestablishes the New Markets Venture Capital Program; and requires a federal agency to provide additional performance time to small business contractors and to pay such contractors regardless of delay due to COVID-19.

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Timeline

1. 19 March 2020

   Introduced

   Referred to the House Committee on Small Business.

   Source: IntroReferral

2. 19 March 2020

   Introduced

   Introduced in House

   Source: IntroReferral

3. 19 March 2020

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 19 March 2020 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 19 March 2020

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 19 March 2020

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 19 March 2020

  Open at official source

Sponsors

• Rep. Velázquez, Nydia M. [D-NY-7] · D · Sponsor
• Dwight Evans · D · Cosponsor
• ELIOT ENGEL · D · Cosponsor
• · hssm00 · Standing

Related records

• related to → SBA Business Stabilization Direct Loan Program Act of 2020
• related to → 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.
• related to ← Easing Disruption for America’s Small Contractor Act of 2020
• related to ← Small Business Repayment Relief Act of 2020
• related to ← Increasing Access to Capital Act of 2020
• related to ← Microloan Emergency Assistance Act of 2020
• related to ← Small Contractor Stability Act of 2020
• related to ← SBIC Capital Infusion Act of 2020
• related to ← Small Business COVID–19 Recovery Grants Act of 2020
• related to ← Expediting the EIDL Program Act of 2020

Showing 10 of 14 related records.