Point Roberts Small Business Fairness Act
- Last Action
- 6/8/2021
Actions
- 2021-06-08Referred to the House Committee on Small Business.
- 2021-06-08Introduced in House
- 2021-06-08Introduced in House
CRS Summary
As of 2021-06-08 (00)
Point Roberts Small Business Fairness Act
This bill requires the Small Business Administration (SBA) to establish a program to make forgivable loans to certain small businesses that are impacted by border closures due to COVID-19 (i.e., coronavirus disease 2019).
Eligible small businesses must (1) have experienced a loss in revenue that is greater than 50% during the second, third, or fourth quarter of 2020 compared with the same period in the previous year; and (2) show that the closure of the U.S.-Canada border directly resulted in a reduction in gross receipts or restricted the ability of American customers to access the location of such businesses.
The maximum loan amount shall be equal to 75% of the business's FY2019 revenue, and the SBA shall forgive 100% of the value of such loan, less the amount the borrower received from (1) any other loan forgiveness program, or (2) any emergency advance under the economic impact disaster loan program.
Cosponsors (3)
- Marilyn Strickland (D-WA)
- RICK LARSEN (D-WA)
- Derek Kilmer (D-WA)
Subjects
- Border security and unlawful immigration
- Canada
- Cardiovascular and respiratory health
- Emergency medical services and trauma care
- Government lending and loan guarantees
- Infectious and parasitic diseases
- Small business
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.