The bill would require the Small Business Administration to offer loans to eligible applicants during a shutdown. The loan amount would match the applicant’s estimated losses caused by the shutdown. Loans could have an interest rate of up to 1% and a term ending no later than one year after the shutdown ends. The bill defines a shutdown as starting on the first day of a partial or full lapse in appropriations and ending 30 days after appropriations are enacted.
If you meet the bill’s definition of an eligible applicant, you could apply for a covered Small Business Act loan during a shutdown. The bill does not describe how to apply or how eligibility would be determined beyond referring to an existing definition in law.
No publicly available information about total program funding or costs. The bill sets loan terms, including a maximum interest rate of 1% and a maximum term of one year after the shutdown ends.
No publicly available information.
No publicly available information.