Keep Main Street Open Act
Sponsored By: Representative Subramanyam, Suhas [D-VA-10]
Introduced
Summary
Temporary low-cost SBA loans during government shutdowns. The Keep Main Street Open Act would create a temporary Small Business Administration 7(a) loan program that lets eligible recipients borrow an amount equal to their estimated losses from a lapse in appropriations. Loans would carry up to 1% interest and have a maximum one-year maturity measured from when the shutdown ends. Availability runs from the first day of the funding lapse through 30 days after appropriations are enacted.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
Shutdown relief: 1% SBA loans for small businesses
If enacted, the SBA would offer short-term 7(a) loans to eligible small businesses during a federal shutdown. You would need to qualify under SBA 7(a)(36) rules. The loan amount would equal your own estimated shutdown losses. The interest rate would be capped at 1%. You would repay no later than one year after the shutdown ends. Loans would be available from the first day of a funding lapse through 30 days after Congress restores funding.
Sponsors & CoSponsors
Sponsor
Subramanyam, Suhas [D-VA-10]
VA • D
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
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