Bill Sponsor
House Bill 6324
116th Congress(2019-2020)
Too Small to Fail Act
Introduced
Introduced
Introduced in House on Mar 23, 2020
Overview
Text
Introduced
Mar 23, 2020
Latest Action
Mar 23, 2020
Origin Chamber
House
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
6324
Congress
116
Policy Area
Commerce
Commerce
Primary focus of measure is business investment, development, regulation; small business; consumer affairs; competition and restrictive trade practices; manufacturing, distribution, retail; marketing; intellectual property. Measures concerning international competitiveness and restrictions on imports and exports may fall under Foreign Trade and International Finance policy area.
Sponsorship by Party
Democrat
New Hampshire
Democrat
California
Democrat
California
Democrat
Connecticut
Democrat
District of Columbia
Democrat
Florida
Democrat
Maryland
Democrat
Minnesota
Democrat
New Hampshire
Democrat
New Mexico
Democrat
New York
Democrat
Oklahoma
Democrat
Pennsylvania
Democrat
Wisconsin
House Votes (0)
Senate Votes (0)
No House votes have been held for this bill.
Summary

Too Small to Fail Act

This bill establishes requirements for, and revises components of, loan programs of the Small Business Administration (SBA) to provide economic relief to small businesses affected by COVID-19 (i.e., coronavirus disease 2019).

Specifically, the SBA must waive the requirement that small businesses affected by COVID-19 be unable to find credit elsewhere in order to be eligible for SBA loans, and it must provide loans made in response to COVID-19 at no interest rate. In addition, the SBA is authorized to temporarily defer payments on any SBA loan for a small business that is affected by COVID-19.

During the period from January 31, 2020, and ending on December 31, 2020, eligible small businesses that apply for an emergency disaster loan in response to COVID-19 may request that the SBA provide an advance of up to $15,000 within three days of receiving the application. Such advance may be used for any allowable purpose, including (1) providing paid sick leave to employees who are unable to work due to direct effects of  COVID-19, (2) maintaining payroll to retain employees during business disruptions or substantial shutdowns, and (3) making rent or mortgage payments. Applicants shall not be required to repay any amounts of such advance, even if they are subsequently denied an emergency disaster loan. Further, under certain conditions, such advance may also be taken into consideration when determining forgiveness for a loan to meet payroll costs.

Text (1)
March 23, 2020
Actions (2)
03/23/2020
Referred to the House Committee on Small Business.
03/23/2020
Introduced in House
Public Record
Record Updated
Feb 9, 2022 2:28:09 AM