HR 6549
Business Borrowers Protection Act
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
The Business Borrowers Protection Act aims to safeguard small businesses during the ongoing economic challenges related to the COVID-19 pandemic. It prevents lenders from accelerating the repayment of loans received through government programs designed to address the virus and prohibits lenders from using these loans when determining if they can accelerate loan payments. The bill also establishes a policy for two years after the national emergency declaration that lenders should not accelerate loan due dates or curtail credit lines, and protects trustees who choose not to enforce certain loan covenants.
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