Bill SponsorBILLSPONSOR
Bill Sponsor
Politicians
Bills
Senate Bill 3541
116th Congress(2019-2020)
A bill to modify requirements relating to small business disaster loans made in response to COVID-19, and for other purposes.
Introduced
Introduced
Introduced in Senate on Mar 19, 2020
Overview
Text
Introduced in Senate 
Mar 19, 2020
Not Scanned for Linkage
About Linkage
Multiple bills can contain the same text. This could be an identical bill in the opposite chamber or a smaller bill with a section embedded in a larger bill.
Bill Sponsor regularly scans bill texts to find sections that are contained in other bill texts. When a matching section is found, the bills containing that section can be viewed by clicking "View Bills" within the bill text section.
Bill Sponsor is currently only finding exact word-for-word section matches. In a future release, partial matches will be included.
Introduced in Senate(Mar 19, 2020)
Mar 19, 2020
Not Scanned for Linkage
About Linkage
Multiple bills can contain the same text. This could be an identical bill in the opposite chamber or a smaller bill with a section embedded in a larger bill.
Bill Sponsor regularly scans bill texts to find sections that are contained in other bill texts. When a matching section is found, the bills containing that section can be viewed by clicking "View Bills" within the bill text section.
Bill Sponsor is currently only finding exact word-for-word section matches. In a future release, partial matches will be included.
Jump To
S. 3541 (Introduced-in-Senate)


116th CONGRESS
2d Session
S. 3541


To modify requirements relating to small business disaster loans made in response to COVID–19, and for other purposes.

IN THE SENATE OF THE UNITED STATES

March 19, 2020

Mr. Schumer (for Ms. Baldwin) introduced the following bill; which was read twice and referred to the Committee on Small Business and Entrepreneurship

A BILL

To modify requirements relating to small business disaster loans made in response to COVID–19, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Disaster loans related to COVID–19.

With respect to a loan made under section 7(b)(2) of the Small Business Act (15 U.S.C. 636(b)(2)) in response to COVID–19—

(1) the Small Business Administration may forgive the outstanding principal balance of the loan if the borrower maintains all of its employees at full pay and full benefits throughout the duration of the emergency involving Federal primary responsibility determined to exist by the President under the section 501(b) of the Robert T. Stafford Disaster Relief and Emergency Assistance Act (42 U.S.C. 5191(b)) with respect to the Coronavirus Disease 2019 (COVID–19);

(2) the maximum loan amount shall be $10,000,000; and

(3) the requirement that the borrower demonstrate that it is unable to obtain credit elsewhere is waived.