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Proposal:Border Business COVID–19 Rescue Act

This proposal is archived and closed to further debate. It was introduced in the 117th Congress, which has concluded, and the bill was not enacted into law.
Bill HR 399
Type of Legislation House Bill
Congress 117
Status Archived — 117th Congress concluded
Source View original on Congress.gov
Geographic Scope
National

Description

Border Business COVID-19 Rescue Act

This bill establishes and provides funding for a program whereby the Small Business Administration (SBA) must make loans to border businesses directly impacted by COVID-19 (i.e., coronavirus disease 2019). A border business is any entity, otherwise eligible for an SBA disaster loan, that (1) has its principal office in the United States, (2) has annual revenue of up to $500,000, and (3) is located within 25 miles of the U.S. border.

The SBA shall make loans of up to $500,000 to border businesses, and these loans must have a zero percent interest rate. Loan recipients must use the funds to mitigate the effects of COVID-19 on their business, including by (1) providing paid sick leave to employees unable to work because of the pandemic, (2) making rent or mortgage payments, (3) purchasing personal protective equipment, or (4) paying for logistical expenses associated with border closures due to the pandemic.

Recipients may also request an advance on the loan, which shall not be less than $10,000. Further, certain recipients may be forgiven up to 100% of the loan, less any amount received under other specified COVID-19 economic relief programs.

Bill Title

Border Business COVID–19 Rescue Act

Linked Goals

Steps

  • 2021-01-21: Referred to the Committee on Small Business, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
  • 2021-01-21: Referred to the Committee on Small Business, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
  • 2021-01-21: Referred to the Subcommittee on Health.
  • 2021-01-21: Introduced in House
  • 2021-01-21: Introduced in House

Projected Outcome

A more informed proposal or public response aligned with the Promote General Welfare goal.

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