S 4676
Small Business Debt Relief Extension Act of 2020
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- Passed Senate
- Passed House
- To President
- Became Law
Bill overview
The Small Business Debt Relief Extension Act of 2020 extends the program established under the CARES Act that provides debt relief to small businesses with SBA-backed loans. Specifically, it increases the length of time payments can be deferred, extending the period for which the SBA can cover loan payments from six to 18 months for certain loans, and up to 12 months for loans with intermediary lenders. The bill also includes provisions to ensure lenders consider these payments when evaluating loan repayment ability and establishes guidelines for new loan eligibility and reporting requirements to prevent abuse.
Sponsors
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Primary sponsor
Cosponsors
Angus S., Jr. King
Benjamin L. Cardin
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