PlainBillCongress, translated.Legislation. Context. Public interest.Referred to the House Committee on Small Business.
Congressional Research Service
Version 00 · Introduced in House · Mar 12, 2020
SBA Business Stabilization Direct Loan Program Act of 2020
This bill requires the Small Business Administration (SBA) to temporarily make loans directly to small businesses located in a U.S. state or territory with a confirmed or presumed positive case of COVID-19 (i.e., coronavirus disease 2019).
A recipient of such a loan may use the funds to, among other things (1) make periodic payments of principal and interest on outstanding SBA loans; (2) provide benefits to employees such as disability insurance, sick leave, and paid family leave; (3) pay wages to employees; or (4) provide employees and patrons with the necessary items specified by a public health authority to mitigate the spread of the coronavirus.
The SBA shall accept any available collateral to secure such a loan and shall not decline to make a loan to an otherwise eligible borrower due solely to inadequate collateral.
People & committees
Rep. Velazquez, Nydia M. [D-NY-7] · D–NY
Legislative record
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Referred to the House Committee on Small Business.
Introduced in House
Introduced in House
Primary sources
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Source last updated: Jan 3, 2025. Consult Congress.gov for the current record.
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