To establish a Small Business Financial Assistance Program to support small businesses during the COVID-19 emergency, and for other purposes.

I 116TH CONGRESS 2D SESSION H. R. 6333 To establish a Small Business Financial Assistance Program to support small businesses during the COVID–19 emergency, and for other purposes. IN THE HOUSE OF REPRESENTATIVES MARCH 23, 2020 Mrs. BEATTY introduced the following bill; which was referred to the Com- mittee on Small Business, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdic- tion of the committee concerned A BILL To establish a Small Business Financial Assistance Program to support small businesses during the COVID–19 emer- gency, and for other purposes. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SMALL BUSINESS FINANCIAL ASSISTANCE PRO- 3 GRAM. 4 (a) IN GENERAL.—The Secretary of the Treasury 5 shall establish a Small Business Financial Assistance Pro- 6 gram under which the Secretary shall provide loans and 7 loan guarantees to small businesses. 8 VerDate Sep 11 2014 01:53 Apr 11, 2020 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H6333.IH H6333 pamtmann on DSKBC07HB2PROD with BILLS 2 •HR 6333 IH (b) APPLICATION.—In making loans and loan guar- 1 antees under this section, the Secretary shall— 2 (1) provide a simple application process for bor- 3 rowers; and 4 (2) establish clear and easy to understand un- 5 derwriting standards for such loans. 6 (c) ZERO-INTEREST LOANS.—Loans made by or 7 guaranteed by the Secretary under this section shall be 8 zero-interest loans, if the small business receiving such 9 loan does not involuntarily terminate any employee of the 10 small business during the COVID–19 emergency. 11 (d) ADVANCE.— 12 (1) IN GENERAL.—Upon request from an appli- 13 cant for a loan under this section, the Secretary may 14 provide to such applicant an advance, in cash, to 15 such applicant. 16 (2) AMOUNT.—An advance provided under 17 paragraph (1) shall be in an amount equal to the 18 revenue of the applicant for the period beginning 19 January 1, 2020, and ending January 31, 2020. 20 (3) PROCEDURES.— 21 (A) REVIEW.—The Secretary shall have 1 22 week from the receipt of a request for an ad- 23 vance under paragraph (1) to conduct a risk as- 24 VerDate Sep 11 2014 01:53 Apr 11, 2020 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H6333.IH H6333 pamtmann on DSKBC07HB2PROD with BILLS 3 •HR 6333 IH sessment of the applicant to determine whether 1 to approve or deny such request. 2 (B) APPROVAL.—If the Secretary does not 3 deny a request under subparagraph (A), the ad- 4 vance shall be directly deposited into the ac- 5 count identified by the applicant. 6 (C) REMAINING FUNDS.—Not later than 4 7 weeks after approving a request of an applicant 8 under subparagraph (A), the Secretary shall 9 disburse the remaining funds to such applicant. 10 (e) FORGIVENESS.—If a small business that receives 11 a loan or loan guarantee under this section demonstrates 12 to the Secretary that the number of full-time employees 13 of such small business on the date such small business 14 submitted an application under this section is greater than 15 or equal to the number of full-time employees of such 16 small business on the date that is 1 year after the date 17 of such submission, the Secretary shall forgive the remain- 18 ing outstanding principal and interest on such loan or loan 19 guarantee. 20 (f) FUNDING.—The Secretary shall use 21 $50,000,000,000 from the Exchange Stabilization Fund, 22 without further appropriation, to carry out this section. 23 (g) DEFINITIONS.—In this section: 24 VerDate Sep 11 2014 01:53 Apr 11, 2020 Jkt 099200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H6333.IH H6333 pamtmann on DSKBC07HB2PROD with BILLS 4 •HR 6333 IH (1) COVID–19 EMERGENCY.—The term 1 ‘‘COVID–19 emergency’’ means the period that— 2 (A) begins on the declaration of the emer- 3 gency declared on March 13, 2020, by the 4 President under the Robert T. Stafford Dis- 5 aster Relief and Emergency Assistance Act (42 6 U.S.C. 4121 et seq.) relating to the 7 Coronavirus Disease 2019 (COVID–19) pan- 8 demic; and 9 (B) ends on the termination by the Federal 10 Emergency Management Agency of such emer- 11 gency. 12 (2) SMALL BUSINESS.—The term ‘‘small busi- 13 ness’’ means— 14 (A) a small business concern (as defined 15 under section 3 of the Small Business Act (15 16 U.S.C. 632); 17 (B) a family farm; and 18 (C) an independent contractor. 19 Æ VerDate Sep 11 2014 01:53 Apr 11, 2020 Jkt 099200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6301 E:\BILLS\H6333.IH H6333 pamtmann on DSKBC07HB2PROD with BILLS