,i #aafth ,,congress #b;d ,session ,h4 ,r4 #fcda ,,in ,,the ,,house ,,of ,,representatives ,march #bc1 #bjbj,ms4 ,craig introduced the following bill2 which was referred to the ,committee on ,small ,business ,a ,,bill ,to establish a business stabilization guaranteed loan program and authority to establish a secondary market in the ,small ,business ,administration1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,small ,business ,relief ,guaranteed ,loan ,program ,act of #bjbj4 #b4 ,business stabilization guaranteed loan program 7a7 ,in general ,the ,administrator of the ,small ,business ,administration shall carry out a program to guarantee loans to eligible borrowers1 made by banks or other lenders4 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 guaranteed 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 guaranteed under this section may not exceed #b1ejj1jjj4 7#b7 ,disbursement ,with respect to a loan guaranteed under this section1 loan amounts shall be disbursed as follows3 7,a7 ,not less than #aj percent1 but not more than #bj percent1 of such amount shall be disbursed not later than #e calendar days after such approval4 7,b7 ,not later than #ad calendar days after such approval1 any remaining amounts shall be disbursed4 7#c7 ,guarantee ,loans guaranteed under this section shall be #ajj percent guaranteed by the ,administrator of the ,small ,business ,administration4 7#d7 ,interest ,the ,administrator and participating lenders shall not charge interest on any loan guaranteed under this section4 7e7 ,repayment ,repayment for loans guaranteed under this section-- 7#a7 shall be amortized over a period of time not to exceed #aj years2 and 7#b7 may not begin until #ab months 7which may be extended by the ,administrator of the ,small ,business ,administration7 after the final disbursement of loan amounts pursuant to subsection 7d77#b74 7f7 ,collateral ,a lender may not decline to make a loan described under this section to an otherwise eligible borrower due solely to inadequate collateral4 ,the ,administrator shall not decline to honor a guarantee on a loan made by a lender that is guaranteed under this section solely due to inadequate collateral4 ,lenders shall accept any available collateral1 including subordinated liens1 to secure a loan guaranteed under this section4 7g7 ,fees ,neither the ,administrator of the ,small ,business ,administration nor any lender may charge any fees to an applicant in connection with a loan guaranteed under this section4 7h7 ,forgiveness ,if an eligible borrower that receives loan proceeds under this section demonstrates to the ,administrator that the number of employees of such eligible borrower on ,december #ca1 #bjba1 is greater than or equal to the number of employees of such eligible borrower on ,december #ca1 #bjai1 the ,administrator shall pay to the lender of such eligible borrower's loan not more than #ej percent of the outstanding principal on such loan4 7i7 ,sunset 7#a7 ,in general ,except as provided in paragraph 7#b71 the ,administrator of the ,small ,business ,administration may not guarantee a loan under this section after ,september #cj1 #bjbb4 7#b7 ,extension ,the ,administrator may extend authority to guarantee loans under this section by an additional #f months by notifying ,congress1 in writing1 within #aj calendar days before any extension4 7j7 ,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 ,code1 shall not apply to any issuance of rules under paragraph 7#a74 7k7 ,authorization of appropriations ,there is authorized to be appropriated #ajj1jjj1jjj1jjj to the ,administrator of the ,small ,business ,administration to carry out this section4