A bill to modify the 7(a) loan guaranty program of the Small Business Administration, and for other purposes.
Small Business Access to Recovery Capital Act
This bill temporarily modifies the 7(a) Loan Guaranty Program of the Small Business Administration (SBA) by waiving borrower and lender fees, increasing the government guarantee to 95%, increasing the maximum loan value to $10 million, and waiving repayment for any new 7(a) loans for one year. The SBA must issue temporary COVID-19 (i.e., coronavirus disease 2019) guidance that reflects these changes.
Introduced in Senate
Read twice and referred to the Committee on Small Business and Entrepreneurship.
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