SBA Business Stabilization Direct Loan Program Act of 2020

Hozzl · 2022-02-08T23:25:40Z

Explore the details of House Bill 6268 SBA Business Stabilization Direct Loan Program Act of 2020 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Commerce. Stay informed on legislative developments.

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

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 6268

Primary Policy Focus

Commerce

Potential Impact Areas

Administrative law and regulatory proceduresBusiness investment and capitalCardiovascular and respiratory healthCommutingComputers and information technologyEmergency medical services and trauma careEmployee benefits and pensionsEmployee leaveEmployment taxesFinancial crises and stabilizationGovernment lending and loan guaranteesHealth promotion and preventive careInfectious and parasitic diseasesLife, casualty, property insuranceSales and excise taxesSmall Business AdministrationSmall businessState and local taxationTax administration and collection, taxpayersWages and earnings

Alternate Title(s) of Bill HR 6268

SBA Business Stabilization Direct Loan Program Act of 2020To 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

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