,i  #aafth ,,congress  #b;d ,session    
,h4 ,r4 #fbfh  ,,in ,,the ,,house ,,of  
,,representatives  ,march #ab1 #bjbj,ms4
 ,velzquez introduced the following     
bill2 which was referred to the         
,committee on ,small ,business  ,a      
,,bill  ,to establish a business        
stabilization direct loan program and   
the authority to establish a secondary  
market guarantee in the ,small ,business
 ,administration1 and for other         
purposes4  #a4 ,short title ,this ,act  
may be cited as the ,,sba ,business     
,stabilization ,direct ,loan ,program   
,act of #bjbj4  #b4 ,business           
stabilization direct loan program  7a7  
,in general ,the ,administrator of the  
,small ,business ,administration shall  
carry out a program to make loans       
directly to eligible borrowers4  7b7    
,eligible borrower defined ,in this     
section1 the term eligible borrower     
means a person who-- 7#a7 is a small    
business concern as defined under       
section #c of the ,small ,business ,act 

7#ae ,u4,s4,c4 #fcb72 and  7#b7 is      
located in a ,state or territory of the 
,united ,states with a confirmed or     
presumed positive case of ,,covid-#ai4  
7c7 ,use of funds ,in addition to the   
use of proceeds currently permitted     
under section #g7;a7 of the ,small      
,business ,act 7#ae ,u4,s4,c4 #fcf7;a771
 loans made under this section may be   
used for the following purposes3 7#a7   
,to make periodic payments of principal 
and interest1 for a period not to exceed
 #ab months1 on a loan or a loan        
guarantee made to an eligible borrower  
that meets the eligibility standards of 
such section #g7;a74  7#b7 ,to provide  
benefits to employees of the eligible   
borrower1 including group life          
insurance1 disability insurance1 sick   
leave1 annual leave1 educational        
benefits1 paid family leave1 or         
retirement benefits 7including a pension
 plan or ,,ira74  7#c7 ,to pay wages to 
employees of the eligible borrower1 and 
related ,state and ,federal payroll     

taxes1 except that loan proceeds may not
 be used to pay amounts under a         
garnishment order issued by an agency of
 a ,state or ,federal ,government4  7#d7
 ,to provide technology1 hardware1 or   
software for a shift to telework or     
remote work for employees of the        
eligible borrower to enable continuity  
of operations4  7#e7 ,to pay rent or    
utilities due or owed on any place of   
business of the eligible borrower4  7#f7
 ,to refinance an existing debt         
7including interest7 in an amount not to
 exceed #ej percent of the amount of the
 debt4  7#g7 ,to provide floor plan     
financing or other revolving line of    
credit4  7#h7 ,to pay past-due ,federal1
 ,state1 or local payroll taxes1 sales  
taxes1 or other similar taxes that are  
required to be collected by the eligible
 borrower and held in trust on behalf of
 a ,federal1 ,state1 or local government
 entity4  7#i7 ,to provide employees and
 patrons of the eligible borrower with  
the necessary items specified by any    

public health authority to mitigate the 
spread of ,,covid-#ai4  7d7 ,loan terms 
7#a7 ,amount ,loans made under this     
section may not exceed #b1ejj1jjj4  7#b7
 ,disbursement ,not more than #bj       
percent of the proceeds of a loan made  
under this section shall be disbursed   
not later than #e calendar days after a 
loan is approved under this section4    
7#c7 ,term ,loans made under this       
section shall be for a term of #aj      
years1 and a borrower shall not be      
required to repay such loan during the  
#ab-month period beginning on the date  
of disbursement of the loan4  7#d7      
,interest2 fees ,the ,administrator may 
not charge any interest or fees for a   
loan made under this section4  7e7      
,collateral ,the ,administrator shall   
not decline to make a loan under this   
section to an otherwise eligible        
borrower due solely to inadequate       
collateral4 ,the ,administrator shall   
accept any available collateral1        
including subordinated liens1 to secure 

a loan made under this section4  7f7    
,sunset  7#a7 ,in general ,except as    
provided in paragraph 7#b71 the         
,administrator of the ,small ,business  
,administration may not make a loan     
under this section after ,september #cj1
 #bjbb4  7#b7 ,extension ,the           
,administrator may extend authority to  
make loans under this section by an     
additional #f months by notifying       
,congress1 in writing1 within #aj       
calendar days before any extension4  7g7
 ,emergency rulemaking authority  7#a7  
,in general ,within #ae days after the  
date of the enactment of this section1  
the ,administrator of the ,small        
,business ,administration-- 7,a7 shall  
issue rules to carry out this section2  
and  7,b7 may issue rules to establish a
 secondary market for loans made under  
this section4  7#b7 ,notice ,the notice 
requirements of section #eec7;b7 of     
title #e1 ,united ,states ,code shall   
not apply to any issuance of rules under
 paragraph 7#a74  7h7 ,authorization of 

appropriations ,there is authorized to  
be appropriated to the ,administrator of
 the ,small ,business ,administration   
such sums as may be necessary to pay for
 the cost of making #be1jjj1jjj1jjj in  
direct loans under this section4 ,in the
 previous sentence1 the cost of direct  
loans shall be as defined in section    
#ejb of the ,congressional ,budget ,act 
of #aigd 7#b ,u4,s4,c4 #ffa;a74