To require the Administrator of the Small Business Administration to establish the interest rate for economic injury disaster loans, and for other purposes.

This bill requires the Small Business Administration to establish the interest rate at 1% for any economic injury disaster loan made during the period beginning on January 31, 2020, and ending on December 31, 2020.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7434 Introduced in House (IH)]

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116th CONGRESS
  2d Session
                                H. R. 7434

 To require the Administrator of the Small Business Administration to 
establish the interest rate for economic injury disaster loans, and for 
                            other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             June 30, 2020

 Mr. Suozzi (for himself, Mr. King of New York, Miss Rice of New York, 
  Mr. Meeks, and Mr. Zeldin) introduced the following bill; which was 
              referred to the Committee on Small Business

_______________________________________________________________________

                                 A BILL


 
 To require the Administrator of the Small Business Administration to 
establish the interest rate for economic injury disaster loans, and for 
                            other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. INTEREST RATES ON ECONOMIC INJURY DISASTER LOANS.

    (a) In General.--Notwithstanding any other provision of law, during 
the period beginning on January 31, 2020, and ending on December 31, 
2020, the Administrator of the Small Business Administration shall 
ensure that the interest rate on a loan made under section 7(b)(2) of 
the Small Business Act (15 U.S.C. 636(b)(2)) is 1 percent.
    (b) Effective Date; Applicability.--This section shall be effective 
as if included in the CARES Act (Public Law 116-136) and shall apply to 
any loan made under section 7(b)(2) of the Small Business Act (15 
U.S.C. 636(b)(2)) on or after the date of the enactment of the CARES 
Act.
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