To prohibit the enforcement of certain loan covenants during the COVID-19 national emergency, and for other purposes.
Business Borrowers Protection Act
This bill prohibits a creditor from enforcing a loan covenant that requires the accelerated repayment of a loan if the borrower receives a loan under certain COVID-19 (i.e., coronavirus disease 2019) economic aid programs. Additionally, a creditor is prohibited from enforcing any loan covenant beginning on the date of enactment of this bill and ending one year after the termination of the COVID-19 national emergency.
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
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