COVID–19 RELIEF for Small Businesses Act of 2020

Summary

COVID-19 Recovery by Enhancing Loan, Investment, and Education Funds for Small Businesses Act of 2020 or the COVID-19 RELIEF for Small Businesses Act of 2020 This bill establishes measures to provide assistance to small businesses impacted by COVID-19 (i.e., coronavirus disease 2019). Specifically, the Small Business Administration (SBA) must (1) provide economic injury grants for certain small businesses that have suffered substantial economic injury resulting from COVID-19; (2) establish a program to make direct loans to small businesses, up to 50% of which may be forgiven; and (3) pay the principal, interest, and associated fees on certain SBA loans, including microloans, for a six-month period. 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 to increase available funds, extend repayment terms, and waive certain requirements for technical assistance grants; provides additional funding for small business economic development programs; revises and makes permanent the SBA's Intermediary Lending Program, the Community Advantage Loan Program, the Small Business Innovation Research Program, and the Small Business Technology Transfer Program; establishes the Innovation Centers Program whereby the SBA shall enter into cooperative agreements with certain entities to spur innovation and economic growth in underserved and rural communities; and establishes the Office of Emerging Markets to oversee the planning, coordination, and implementation of SBA efforts to enhance the economic well-being of small businesses in emerging markets. The federal government must grant certain flexibilities (e.g., additional performance time) to small business federal contractors and expedite the contract award process.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 20 March 2020

   Introduced

   Read twice and referred to the Committee on Small Business and Entrepreneurship.

   Source: IntroReferral

2. 20 March 2020

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 20 March 2020 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 20 March 2020

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 20 March 2020

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 20 March 2020

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Cardin, Benjamin L. [D-MD] · D · Sponsor
• Sen. Cantwell, Maria [D-WA] · D · Sponsor
• Sen. Shaheen, Jeanne [D-NH] · D · Sponsor
• Sen. Markey, Edward J. [D-MA] · D · Sponsor
• Sen. Booker, Cory A. [D-NJ] · D · Sponsor
• Sen. Coons, Christopher A. [D-DE] · D · Sponsor
• Sen. Hirono, Mazie K. [D-HI] · D · Sponsor
• Sen. Duckworth, Tammy [D-IL] · D · Sponsor
• Sen. Rosen, Jacky [D-NV] · D · Sponsor
• Sen. Peters, Gary C. [D-MI] · D · Cosponsor
• · sssb00 · Standing

Related records

• related to → Microloan Emergency Assistance Act of 2020
• related to → Increasing Access to Capital Act of 2020
• related to → Easing Disruption for America’s Small Contractor Act of 2020
• related to → Unlocking Opportunities in Emerging Markets Act of 2019
• related to → UPLIFT Act of 2019
• related to → COVID–19 Recovery Grants for Small Businesses Act
• related to ← Small Contractor Stability Act of 2020
• related to ← Unlocking Opportunities in Emerging Markets Act of 2020