Small Business Repayment Relief Act of 2020

Hozzl · 2022-02-08T23:17:28Z

Explore the details of House Bill 6304 Small Business Repayment Relief 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, 11:17 PM

Congressional Summary of HR 6304

Small Business Repayment Relief Act of 2020

This bill requires the Small Business Administration (SBA) to pay the principal, interest, and any associated fees owed on certain loans made to small businesses for a six month period.

The SBA must also encourage the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and state bank regulators to not require lenders to increase their reserves on account of receiving such payments made by the SBA. The SBA shall waive statutory limits on maximum loan maturities for certain loan durations where the lender provides a deferral and extends the maturity of such loans and, when necessary to provide more time because of difficulties during the COVID-19 (i.e., coronavirus disease 2019) pandemic, extend lender site visit requirements.

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Current Status of Bill HR 6304

Bill HR 6304 is currently in the status of Bill Introduced since March 19, 2020. Bill HR 6304 was introduced during Congress 116 and was introduced to the House on March 19, 2020. Bill HR 6304's most recent activity was Referred to the House Committee on Small Business. as of March 19, 2020

Bipartisan Support of Bill HR 6304

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 6304

Primary Policy Focus

Commerce

Potential Impact Areas

Bank accounts, deposits, capitalBanking and financial institutions regulationBusiness investment and capitalCardiovascular and respiratory healthCredit and credit marketsEmergency medical services and trauma careGovernment lending and loan guaranteesInfectious and parasitic diseasesInterest, dividends, interest ratesMinority and disadvantaged businessesSmall businessVeterans' education, employment, rehabilitationVeterans' loans, housing, homeless programsWomen in business

Alternate Title(s) of Bill HR 6304

Small Business Repayment Relief Act of 2020To 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.Small Business Repayment Relief Act of 2020

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