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A bill to modify requirements relating to small business disaster loans made in response to COVID-19, and for other purposes.

2/8/2022, 11:16 PM

Congressional Summary of S 3541

This bill establishes certain measures related to small business disaster loans made in response to COVID-19 (i.e., coronavirus disease 2019).

Specifically, the bill authorizes the Small Business Administration to forgive the outstanding principal balance of a small business disaster loan made in response to COVID-19 if the borrower maintains all of its employees at full pay and benefits throughout the duration of the declared national emergency. The bill also raises the maximum amount for a disaster loan made in response to COVID-19, and it waives the requirement that a borrower demonstrate an inability to obtain credit elsewhere.

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Current Status of Bill S 3541

Bill S 3541 is currently in the status of Bill Introduced since March 19, 2020. Bill S 3541 was introduced during Congress 116 and was introduced to the Senate on March 19, 2020.  Bill S 3541's most recent activity was Read twice and referred to the Committee on Small Business and Entrepreneurship. as of March 19, 2020

Bipartisan Support of Bill S 3541

Total Number of Sponsors
1
Democrat Sponsors
1
Republican Sponsors
0
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 3541

Primary Policy Focus

Commerce

Potential Impact Areas

- Cardiovascular and respiratory health
- Disaster relief and insurance
- Emergency medical services and trauma care
- Employee benefits and pensions
- Government lending and loan guarantees
- Infectious and parasitic diseases
- Small business
- Wages and earnings
- Worker safety and health

Alternate Title(s) of Bill S 3541

A bill to modify requirements relating to small business disaster loans made in response to COVID-19, and for other purposes.
A bill to modify requirements relating to small business disaster loans made in response to COVID-19, and for other purposes.

Comments

Sponsors and Cosponsors of S 3541

Tammy Baldwin
Tammy Baldwin
WisconsinDemocrat

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