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Easier Credit Access for Small Businesses Impacted by COVID-19

This act aims to make it easier for small businesses to access credit during the COVID-19 pandemic. It allows insured credit unions to provide more loans to businesses in disaster-affected areas, helping them recover from the crisis.
Key points
Insured credit unions can provide more loans to businesses in disaster areas if the loans aid COVID-19 recovery.
These loans are permitted if the credit union is financially stable and the loan does not threaten its safety.
The ability to get these loans lasts for one year after the COVID-19 emergency declaration ends.
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Expired
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Additional Information
Print number: 117_HR_1471
Sponsor: Rep. Sherman, Brad [D-CA-30]
Process start date: 2021-03-01
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Access to Credit for Small Businesses Impacted by the COVID–19 Crisis Act of 2021

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_1471.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-03-01.

What are the main provisions?

Key points include:

  • Insured credit unions can provide more loans to businesses in disaster areas if the loans aid COVID-19 recovery.
  • These loans are permitted if the credit union is financially stable and the loan does not threaten its safety.
  • The ability to get these loans lasts for one year after the COVID-19 emergency declaration ends.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Sherman, Brad [D-CA-30].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-27.

CATEGORIES

Economy