Mandatory Collection of COVID-19 Small Business Loans (PPP and EIDL).
This bill prevents the Small Business Administration (SBA) from suspending or ending collection actions on specific COVID-19 relief loans, including Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL). For small business owners who owe money on these loans, this mandates that collection efforts must continue, with claims being transferred to the Treasury Department if the SBA intended to stop collection.
Key points
The SBA is prohibited from discharging, suspending, or ending collection efforts on outstanding COVID-19 PPP and EIDL loans.
Claims that the SBA might otherwise stop collecting must be referred to the Department of the Treasury for a final decision on collection.
The SBA Administrator must provide Congress with monthly updates on the progress of collecting these specific debts.
Status:
Expired
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