This bill establishes certain measures related to small business disaster loans made in response to COVID-19 (i.e., coronavirus disease 2019).
Specifically, the bill authorizes the Small Business Administration to forgive the outstanding principal balance of a small business disaster loan made in response to COVID-19 if the borrower maintains all of its employees at full pay and benefits throughout the duration of the declared national emergency. The bill also raises the maximum amount for a disaster loan made in response to COVID-19, and it waives the requirement that a borrower demonstrate an inability to obtain credit elsewhere.