S. 3524, Coronavirus Credit Expansion Act
Summary
S. 3524, the Coronavirus Credit Expansion Act, was introduced in the Senate on March 18, 2020 by Mr. Cotton and referred to the Committee on Small Business and Entrepreneurship. It is a bill to modify terms of the economic injury disaster loan program of the Small Business Administration for applicants affected by COVID-19. For loans under section 7(b)(2) of the Small Business Act related to COVID-19, it directs expedited approval and sets a maximum loan amount of $20,000,000. It also sets a fine for a False Claims Act conviction relating to those funds at 3 times the amount of the loan.
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Cite this document
“S. 3524, Coronavirus Credit Expansion Act.”
Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/bills-bills-116s3524is-bills-116s3524is/
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II
116TH CONGRESS
2D SESSION
S. 3524
To modify terms related to the economic injury disaster loan program of
the Small Business Administration for applicants affected by COVID–
19, and for other purposes.
IN THE SENATE OF THE UNITED STATES
MARCH 18, 2020
Mr. COTTON introduced the following bill; which was read twice and referred
to the Committee on Small Business and Entrepreneurship
A BILL
To modify terms related to the economic injury disaster
loan program of the Small Business Administration for
applicants affected by COVID–19, and for other pur-
poses.
1 Be it enacted by the Senate and House of Representa-
2 tives of the United States of America in Congress assembled,
3 SECTION 1. SHORT TITLE.
4 This Act may be cited as the ‘‘Coronavirus Credit Ex-
5 pansion Act’’.
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1 SEC. 2. SMALL BUSINESS ECONOMIC INJURY DISASTER
2 LOANS.
3 (a) IN GENERAL.—With respect to loans made under
4 section 7(b)(2) of the Small Business Act (15 U.S.C.
5 636(b)(2)) related to COVID–19—
6 (1) the Small Business Administration shall ex-
7 pedite the loan approval process for those loans such
8 that the loans are made as soon as is practicable;
9 and
10 (2) the maximum loan amount shall be
11 $20,000,000.
12 (b) FRAUD.—The fine imposed for any conviction
13 under sections 3729 through 3733 of title 31, United
14 States Code (commonly known as the ‘‘False Claims
15 Act’’), relating to the use of funds provided under section
16 7(b)(2) of the Small Business Act (15 U.S.C. 636(b)(2))
17 related to COVID–19 shall be equal to 3 times the amount
18 of the loan.
Æ
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•S 3524 IS
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