A bill 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.

2/9/2022, 1:42 AM

Congressional Summary of S 3519

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.

Current Status of Bill S 3519

Bill S 3519 is currently in the status of Bill Introduced since March 18, 2020. Bill S 3519 was introduced during Congress 116 and was introduced to the Senate on March 18, 2020.  Bill S 3519's most recent activity was Read twice and referred to the Committee on Small Business and Entrepreneurship. as of March 18, 2020

Bipartisan Support of Bill S 3519

Total Number of Sponsors
1
Democrat Sponsors
1
Republican Sponsors
0
Unaffiliated Sponsors
0
Total Number of Cosponsors
15
Democrat Cosponsors
13
Republican Cosponsors
1
Unaffiliated Cosponsors
1

Policy Area and Potential Impact of Bill S 3519

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 S 3519

A bill 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.A bill 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.
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