HR 5892
Keep Main Street Open Act
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Bill overview
The Keep Main Street Open Act aims to provide financial assistance to small businesses during government shutdowns. It directs the Small Business Administration (SBA) to establish a loan program where eligible businesses can receive loans to cover losses incurred due to a shutdown. These loans would have a low interest rate of one percent and a maximum term of one year from the shutdown’s end. The bill is designed to mitigate the financial impact of government shutdowns on small businesses.
Key provisions
- Establishes a loan program at the SBA.
- Loans are to cover losses due to government shutdowns.
- Maximum interest rate is 1%.
- Maximum loan term is one year from shutdown termination.
- Loans are made under the existing SBA Section 7(a) loan program.
Who is affected
- Small Businesses
- Small Business Owners
- The Small Business Administration
Notable changes
- Creates a specific loan program for shutdown-related losses.
- Specifies low interest rates and loan terms.
Fiscal impact
The bill does not explicitly state a fiscal impact.
Sponsors
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Primary sponsor
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119th CONGRESS — 1st Session
H. R. 5892
IN THE HOUSE OF REPRESENTATIVES
A BILL
To require the Administrator of the Small Business Administration to carry out a loan program for eligible applicants during the shutdown, and for other purposes.
This Act may be cited as the Keep Main Street Open Act
.
bear a maximum interest rate of one percent; and
In this Act:
The term covered loan means a loan made under section 7(a) of the Small Business Act (15 U.S.C. 636(a)).