COVID–19 Relief for Small Businesses Act of 2020

Hozzl · 2022-02-08T23:17:28Z

Explore the details of House Bill 6312 COVID–19 Relief for Small Businesses 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 6312

COVID-19 Relief for Small Businesses Act of 2020

This bill establishes measures to support small businesses impacted by COVID-19 (i.e., coronavirus disease 2019).

Specifically, the SBA must

temporarily make or guarantee loans for specified uses to small businesses in a state or territory with a case of COVID-19, up to 50% of which may be forgiven;
pay the principal, interest, and associated fees owed on certain small business loans for a six-month period;
provide grants to small businesses suffering substantial economic injury because of COVID-19;
provide grants to small business development centers, women's business centers, and chapters of the Service Corps of Retired Executives for specified purposes;
reimburse grant recipients under the State Trade Expansion Program for an amount of losses related to COVID-19;
provide SBA resources and services in the 10 most commonly spoken languages, other than English, in the United States, including Mandarin, Cantonese, Japanese, and Korean.

In addition, the SBA may make economic injury disaster loans to small businesses in response to COVID-19 and waive certain requirements on such loans.

The bill also

temporarily increases guarantee amounts and loan sizes for certain SBA loans, temporarily waives or reduces certain fees on SBA loans, and permanently waives the guarantee fee on SBA loans for veterans;
revises the Microloan Program;
provides additional leverage for small businesses affected by COVID-19;
reestablishes the New Markets Venture Capital Program; and
requires a federal agency to provide additional performance time to small business contractors and to pay such contractors regardless of delay due to COVID-19.

Read the Full Bill

Formatted Text PDF Formatted XML

Current Status of Bill HR 6312

Bill HR 6312 is currently in the status of Bill Introduced since March 19, 2020. Bill HR 6312 was introduced during Congress 116 and was introduced to the House on March 19, 2020. Bill HR 6312's most recent activity was Referred to the House Committee on Small Business. as of March 19, 2020

Bipartisan Support of Bill HR 6312

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 6312

Primary Policy Focus

Commerce

Potential Impact Areas

Administrative law and regulatory proceduresAppropriationsBank accounts, deposits, capitalBanking and financial institutions regulationBusiness investment and capitalBusiness recordsCardiovascular and respiratory healthCommutingCompetitiveness, trade promotion, trade deficitsComputers and information technologyCongressional oversightCredit and credit marketsDisaster relief and insuranceEmergency medical services and trauma careEmployee benefits and pensionsEmployee hiringEmployee leaveEmployment taxesExecutive agency funding and structureFinancial crises and stabilizationForeign language and bilingual programsGovernment employee pay, benefits, personnel managementGovernment information and archivesGovernment lending and loan guaranteesHealth promotion and preventive careIndustrial facilitiesInfectious and parasitic diseasesInterest, dividends, interest ratesLife, casualty, property insuranceManufacturingMinority and disadvantaged businessesMuseums, exhibitions, cultural centersPublic contracts and procurementSales and excise taxesSelf-employedSmall Business AdministrationSmall businessState and local financeState and local taxationTax administration and collection, taxpayersUser charges and feesVeterans' education, employment, rehabilitationVeterans' loans, housing, homeless programsWages and earningsWomen in business

Alternate Title(s) of Bill HR 6312

COVID–19 Relief for Small Businesses Act of 2020To provide relief from COVID-19 for small business concerns, and for other purposes.COVID–19 Relief for Small Businesses Act of 2020

Start holding our government accountable!