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.
| Action Date | Type | Text | Source |
|---|---|---|---|
| 2020-03-12 | IntroReferral | Referred to the House Committee on Small Business. | House floor actions |
| 2020-03-12 | IntroReferral | Introduced in House | Library of Congress |