Business Borrowers Protection Act

Referred to the House Committee on Financial Services.

Congressional Research Service

Official summary

Version 00 · Introduced in House · Apr 17, 2020

Business Borrowers Protection Act

This bill prohibits a lender from requiring a borrower to repay on an accelerated basis any loan received under a governmental program responding to COVID-19 (i.e., coronavirus disease 2019). Further, a lender may not consider such a loan for purposes of determining whether the lender has the right to accelerate the due date of any loan agreement.

In addition, until two years after the termination of the COVID-19 national emergency, the bill (1) declares it to be U.S. policy that lenders should not accelerate due dates for any business loans or curtail any lines of credit, and (2) releases from liability a trustee that decides not to enforce a loan covenant that accelerates repayment under a loan agreement or reduces the availability of funds under a line of credit.

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People & committees

Who introduced it

Rep. Sherman, Brad [D-CA-30] · D–CA

Committees

Financial Services Committee

0 cosponsorship records, including any withdrawals

Legislative record

Actions

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Apr 17, 2020
Referred to the House Committee on Financial Services.
Apr 17, 2020
Introduced in House
Apr 17, 2020
Introduced in House

Primary sources

Bill text & related measures

Text links open the official source. We currently store references to these documents.

Introduced in House · Apr 17, 2020 Formatted Text PDF Formatted XML

Related bills identified by Congress.gov

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Source last updated: Jan 3, 2025. Consult Congress.gov for the current record.

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Objective

Analyze H.R.6549 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.

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Discuss H.R.6549, 116th Congress: Business Borrowers Protection Act

Official record: https://www.congress.gov/bill/116th-congress/house-bill/6549

Text version to examine: Introduced in House · 2020-04-17.

Official full text: https://www.congress.gov/116/bills/hr6549/BILLS-116hr6549ih.htm

Imported record last updated by the source: 2025-01-03T03:26:06Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Analyze H.R.6549 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.

Fairness and public impact

Progressive lens

Examine H.R.6549 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

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Discuss H.R.6549, 116th Congress: Business Borrowers Protection Act

Official record: https://www.congress.gov/bill/116th-congress/house-bill/6549

Text version to examine: Introduced in House · 2020-04-17.

Official full text: https://www.congress.gov/116/bills/hr6549/BILLS-116hr6549ih.htm

Imported record last updated by the source: 2025-01-03T03:26:06Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine H.R.6549 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

Institutions and government scope

Conservative lens

Examine H.R.6549 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

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Discuss H.R.6549, 116th Congress: Business Borrowers Protection Act

Official record: https://www.congress.gov/bill/116th-congress/house-bill/6549

Text version to examine: Introduced in House · 2020-04-17.

Official full text: https://www.congress.gov/116/bills/hr6549/BILLS-116hr6549ih.htm

Imported record last updated by the source: 2025-01-03T03:26:06Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine H.R.6549 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

Individual rights and government power

Liberty lens

Examine H.R.6549 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.

View full prompt & sources

Discuss H.R.6549, 116th Congress: Business Borrowers Protection Act

Official record: https://www.congress.gov/bill/116th-congress/house-bill/6549

Text version to examine: Introduced in House · 2020-04-17.

Official full text: https://www.congress.gov/116/bills/hr6549/BILLS-116hr6549ih.htm

Imported record last updated by the source: 2025-01-03T03:26:06Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine H.R.6549 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.