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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on May 20, 2020.
Small Business Lending Continuity Act of 2020
This bill revises the authorization for certain Small Business Administration (SBA) loan products currently linked to the Paycheck Protection Program that was implemented in response to COVID-19 (i.e., coronavirus disease 2019).
Under current law, the authorization for the Paycheck Protection Program and the SBA's standard small business loan products (the 7(a) loan program) are combined into one joint authorization for the duration of the Paycheck Protection Program. The bill returns the 7(a) loan program to the purview of its stand-alone authorization to prevent it from being terminated upon the two programs' attainment of the joint authorization cap.