HR 7434
To require the Administrator of the Small Business Administration to establish the interest rate for economic injury disaster loans, and for other purposes.
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- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
This bill directs the Small Business Administration (SBA) to set the interest rate for economic injury disaster loans at 1% for loans issued between January 31, 2020, and December 31, 2020. It specifically ties this interest rate to the provisions of the CARES Act. The goal of this legislation is to provide low-cost financing options to small businesses impacted by economic hardship during the COVID-19 pandemic. The bill aims to offer immediate financial relief to struggling businesses.
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Primary sponsor
Cosponsors
Kathleen M. Rice
Lee M. Zeldin
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