Complete COVID Collections Act

Placed on Senate Legislative Calendar under General Orders. Calendar No. 8.

Bill 119 s 68, also known as the "Small Business COVID-19 Loan Collection Suspension Prohibition Act," aims to prevent the suspension of collections on loans made to small businesses in relation to the COVID-19 pandemic. The bill seeks to ensure that small businesses continue to meet their financial obligations and repay their loans, even during times of economic hardship.

The main purpose of this legislation is to provide stability and support to small businesses that have been adversely affected by the ongoing pandemic. By prohibiting the suspension of loan collections, the bill aims to protect the financial interests of lenders and ensure that small businesses are able to continue operating and contributing to the economy.

In addition to prohibiting the suspension of loan collections, the bill may also include provisions for other purposes related to supporting small businesses during the COVID-19 crisis. These provisions could include measures to provide additional financial assistance, resources, or guidance to small businesses in need. Overall, Bill 119 s 68 is designed to help small businesses weather the economic challenges brought on by the COVID-19 pandemic by ensuring that they continue to meet their financial obligations and repay their loans. The bill aims to provide stability and support to small businesses, ultimately helping them to survive and thrive in the face of adversity.