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SBA Business Stabilization Direct Loan Program Act of 2020

2/8/2022, 11:25 PM

Congressional Summary of HR 6268

SBA Business Stabilization Direct Loan Program Act of 2020

This bill requires the Small Business Administration (SBA) to temporarily make loans directly to small businesses located in a U.S. state or territory with a confirmed or presumed positive case of COVID-19 (i.e., coronavirus disease 2019).

A recipient of such a loan may use the funds to, among other things (1) make periodic payments of principal and interest on outstanding SBA loans; (2) provide benefits to employees such as disability insurance, sick leave, and paid family leave; (3) pay wages to employees; or (4) provide employees and patrons with the necessary items specified by a public health authority to mitigate the spread of the coronavirus.

The SBA shall accept any available collateral to secure such a loan and shall not decline to make a loan to an otherwise eligible borrower due solely to inadequate collateral.

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Current Status of Bill HR 6268

Bill HR 6268 is currently in the status of Bill Introduced since March 12, 2020. Bill HR 6268 was introduced during Congress 116 and was introduced to the House on March 12, 2020.  Bill HR 6268's most recent activity was Referred to the House Committee on Small Business. as of March 12, 2020

Bipartisan Support of Bill HR 6268

Total Number of Sponsors
1
Democrat Sponsors
1
Republican Sponsors
0
Unaffiliated Sponsors
0
Total Number of Cosponsors
8
Democrat Cosponsors
8
Republican Cosponsors
0
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 6268

Primary Policy Focus

Commerce

Potential Impact Areas

- Administrative law and regulatory procedures
- Business investment and capital
- Cardiovascular and respiratory health
- Commuting
- Computers and information technology
- Emergency medical services and trauma care
- Employee benefits and pensions
- Employee leave
- Employment taxes
- Financial crises and stabilization
- Government lending and loan guarantees
- Health promotion and preventive care
- Infectious and parasitic diseases
- Life, casualty, property insurance
- Sales and excise taxes
- Small Business Administration
- Small business
- State and local taxation
- Tax administration and collection, taxpayers
- Wages and earnings

Alternate Title(s) of Bill HR 6268

SBA Business Stabilization Direct Loan Program Act of 2020
To establish a business stabilization direct loan program and the authority to establish a secondary market guarantee in the Small Business Administration, and for other purposes.
SBA Business Stabilization Direct Loan Program Act of 2020

Comments

Sponsors and Cosponsors of HR 6268

Nydia M. Velázquez
Nydia M. Velázquez
New YorkDemocrat
Bradley Scott Schneider
Bradley Scott Schneider
IllinoisDemocrat
Andy Kim
Andy Kim
New JerseyDemocrat
Chrissy Houlahan
Chrissy Houlahan
PennsylvaniaDemocrat
Adriano Espaillat
Adriano Espaillat
New YorkDemocrat
Dwight Evans
Dwight Evans
PennsylvaniaDemocrat

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