United States 116th Congress Status: Died 1 D cosponsors

HR 7481 — RESTART Act Reviving the Economy Sustainably Towards A Recovery in Twenty-twenty Act

Last action — Referred to the Committee on Small Business, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. Died in session

This bill died with 116th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Establishes a loan program whereby the Small Business Administration (SBA) shall guarantee loan amounts to certain businesses affected by COVID-19 (i.e., coronavirus disease 2019). Specifically, the bill requires the SBA to guarantee 100% of program loan amounts made to certain small businesses that have not more than than 5,000 full-time employees. The terms for such loans shall include (1) a maximum duration of not more than seven years; (2) an amount that is not greater than 45% of 2019 gross receipts, up to $12 million; and (3) no payment on principal for the first two years of the loan. A lender that is otherwise approved to make paycheck protection loans may make and approve loans established by the bill, and a recipient may use loan funds for specified allowable expenses including payroll costs, rent, utilities, and personal protective equipment. Such loans may be forgiven up to the amount of total losses incurred by the recipient in the taxable year 2020.

Bill Text

We don't have the full text on file for this bill yet.

Read HR 7481 on the official United States source →

Action History

  1. Referred to the Committee on Small Business, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

  2. Referred to the Committee on Small Business, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

  3. Referred to the Subcommittee on Select Revenue Measures.

  4. Introduced in House

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 546 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (546)

546 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

Commerce Bank accounts, deposits, capital Banking and financial institutions regulation Bankruptcy Business expenses Cardiovascular and respiratory health Credit and credit markets Emergency medical services and trauma care Government information and archives Government lending and loan guarantees Health technology, devices, supplies Infectious and parasitic diseases Interest, dividends, interest rates Minority and disadvantaged businesses Public utilities and utility rates Rural conditions and development Small business Social work, volunteer service, charitable organizations Tax-exempt organizations Veterans' education, employment, rehabilitation Veterans' loans, housing, homeless programs Wages and earnings Women in business Worker safety and health
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does HR 7481 do?
Establishes a loan program whereby the Small Business Administration (SBA) shall guarantee loan amounts to certain businesses affected by COVID-19 (i.e., coronavirus disease 2019). Specifically, the bill requires the SBA to guarantee 100% of program loan amounts made to certain small businesses that have not more than than 5,000 full-time employees. The terms for such loans shall include (1) a maximum duration of not more than seven years; (2) an amount that is not greater than 45% of 2019 gross receipts, up to $12 million; and (3) no payment on principal for the first two years of the loan. A lender that is otherwise approved to make paycheck protection loans may make and approve loans established by the bill, and a recipient may use loan funds for specified allowable expenses including payroll costs, rent, utilities, and personal protective equipment. Such loans may be forgiven up to the amount of total losses incurred by the recipient in the taxable year 2020.
Who sponsors HR 7481?
HR 7481 is sponsored by Jared Golden (D).
What is the current status of HR 7481?
This bill died with 116th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HR 7481?
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