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Small Business Repayment Relief Act of 2020
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.
Read the Full Bill
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
1Democrat Sponsors
1Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
7Democrat Cosponsors
7Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 6304
Primary Policy Focus
CommercePotential Impact Areas
- Bank accounts, deposits, capital
- Banking and financial institutions regulation
- Business investment and capital
- Cardiovascular and respiratory health
- Credit and credit markets
- Emergency medical services and trauma care
- Government lending and loan guarantees
- Infectious and parasitic diseases
- Interest, dividends, interest rates
- Minority and disadvantaged businesses
- Small business
- Veterans' education, employment, rehabilitation
- Veterans' loans, housing, homeless programs
- Women in business
Alternate Title(s) of Bill HR 6304
Small Business Repayment Relief Act of 2020
To 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
Comments
Sponsors and Cosponsors of HR 6304
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