H.R. 5892: Keep Main Street Open Act

The "Keep Main Street Open Act" is a bill aimed at assisting small businesses during periods of government shutdowns. Here’s a breakdown of its key provisions:

Loan Program for Small Businesses

The bill requires the Administrator of the Small Business Administration (SBA) to implement a loan program that will provide financial support to eligible small business owners when there is a government shutdown.

Eligibility for Loans

To qualify for these loans, businesses must meet the criteria outlined for "eligible applicants" in the Small Business Act.

Details of the Loans

The loans provided under this program, referred to as "covered loans," will have specific terms:

• The amount of the loan will cover estimated losses the applicant incurs due to the shutdown.
• The maximum interest rate on these loans will be set at one percent.
• The loan must be repaid within one year of the end of the shutdown period.

Definition of Shutdown

The bill defines a "shutdown" as the time frame starting on the first day of a partial or full lapse in appropriations and continuing until 30 days after appropriations are enacted again.

Conclusion

This legislation aims to support small businesses by providing them with affordable loans during government shutdowns to help mitigate their financial losses and keep them operational.

Relevant Companies

None found.