Section 1 Short title
This Act may be cited as the “Keep Main Street Open Act”.
Keep Main Street Open Act
A BILL
To require the Administrator of the Small Business Administration to carry out a loan program for eligible applicants during the shutdown, and for other purposes.
Sec. 2 Loans for eligible applicants during the shutdown
In general— The Administrator of the Small Business Administration shall carry out a program under which an eligible applicant may receive a covered loan during a shutdown.
Terms— A covered loan made under this section shall—
be in an amount equal to the losses estimated by the eligible applicant due to the shutdown;
bear a maximum interest rate of one percent; and
have a maximum maturity of one year from the date on which the shutdown is terminated.
Definitions— In this Act:
Eligible applicant— The term eligible applicant has the meaning given the term eligible recipient in section 7(a)(36) of the Small Business Act (15 U.S.C. 636(a)(36)).
Covered loan— The term covered loan means a loan made under section 7(a) of the Small Business Act (15 U.S.C. 636(a)).
Shutdown— The term shutdown means the period—
beginning on the first day on which there is a partial or full lapse in appropriations; and
ending on the date that is 30 days after the date of the enactment of appropriations.