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COVID-19 Relief Loans for Small Border Businesses

This act establishes a loan program for small businesses located near the U.S. border that have been impacted by the COVID-19 pandemic. These businesses can receive financial support up to $500,000 at low interest rates to maintain operations, pay employees, and cover ongoing expenses. Additionally, the act provides for non-repayable advances and flexible repayment terms, aiming to help entrepreneurs survive this difficult period.
Key points
Loans up to $500,000 with interest rates up to 2% available for small border businesses that experienced a revenue reduction in 2020.
Option to receive a non-repayable advance of at least $10,000, regardless of the final loan decision.
Loan funds can be used for payroll, rent, debt repayment, logistical expenses due to border closures, and compliance with public health guidelines.
Loan repayment begins after one year, with the possibility of deferral for up to 4 years if financial difficulties persist, without accruing interest during deferral.
The program includes outreach and technical assistance, including in languages other than English, to reach all eligible businesses.
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Expired
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Additional Information
Print number: 117_S_327
Sponsor: Sen. Kelly, Mark [D-AZ]
Process start date: 2021-02-12
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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

Border Business COVID–19 Rescue Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_327.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-02-12.

What are the main provisions?

Key points include:

  • Loans up to $500,000 with interest rates up to 2% available for small border businesses that experienced a revenue reduction in 2020.
  • Option to receive a non-repayable advance of at least $10,000, regardless of the final loan decision.
  • Loan funds can be used for payroll, rent, debt repayment, logistical expenses due to border closures, and compliance with public health guidelines.
  • Loan repayment begins after one year, with the possibility of deferral for up to 4 years if financial difficulties persist, without accruing interest during deferral.
  • The program includes outreach and technical assistance, including in languages other than English, to reach all eligible businesses.
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 Sen. Kelly, Mark [D-AZ].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

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