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Coronavirus Credit Expansion Act

2/8/2022, 11:23 PM

Congressional Summary of S 3524

Coronavirus Credit Expansion Act

This bill increases the maximum loan amount for a small business disaster loan made in response to COVID-19 (i.e., coronavirus disease 2019), and it requires the Small Business Administration to expedite the loan approval process for such loans.

The fine for a conviction relating to a fraudulent claim for the payment or approval of such a loan shall be three times the amount of the loan.

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Current Status of Bill S 3524

Bill S 3524 is currently in the status of Bill Introduced since March 18, 2020. Bill S 3524 was introduced during Congress 116 and was introduced to the Senate on March 18, 2020.  Bill S 3524'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 3524

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

Policy Area and Potential Impact of Bill S 3524

Primary Policy Focus

Commerce

Potential Impact Areas

- Cardiovascular and respiratory health
- Civil actions and liability
- Emergency medical services and trauma care
- Fraud offenses and financial crimes
- Government lending and loan guarantees
- Infectious and parasitic diseases
- Small business

Alternate Title(s) of Bill S 3524

Coronavirus Credit Expansion Act
Coronavirus Credit Expansion Act
A bill to modify terms related to the economic injury disaster loan program of the Small Business Administration for applicants affected by COVID-19, and for other purposes.

Comments

Sponsors and Cosponsors of S 3524

Tom Cotton
Tom Cotton
ArkansasRepublican

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