PRINTER'S NO. 3751
THE GENERAL ASSEMBLY OF PENNSYLVANIA
HOUSE BILL
No.
2514
Session of
2020
INTRODUCED BY BRIGGS, WEBSTER, HILL-EVANS, HOHENSTEIN, MARKOSEK,
SANCHEZ, CIRESI, LONGIETTI, DELLOSO, ROZZI, GALLOWAY, SAPPEY,
READSHAW, SCHWEYER, DeLUCA, FRANKEL, KORTZ, GAINEY,
SHUSTERMAN, MADDEN, ROEBUCK, MERSKI, STURLA AND COMITTA,
MAY 13, 2020
REFERRED TO COMMITTEE ON COMMERCE, MAY 13, 2020
AN ACT
Amending Title 12 (Commerce and Trade) of the Pennsylvania
Consolidated Statutes, in small business first, further
providing for definitions and for fund and accounts.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. The definition of "small business" in section
2302 of Title 12 of the Pennsylvania Consolidated Statutes is
amended and the section is amended by adding a definition to
read:
§ 2302. Definitions.
The following words and phrases when used in this chapter
shall have the meanings given to them in this section unless the
context clearly indicates otherwise:
* * *
"COVID-19 disaster emergency." The emergency declared by
proclamation of the Governor on March 6, 2020, published at 50
Pa.B. 1644 (March 21, 2020), and any renewal of emergency.
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* * *
"Small business." A person that is engaged in a for-profit
enterprise and that employs 100 or fewer individuals. The term
includes the following:
(1) An enterprise located in a small business incubator
facility.
(2) An agricultural processor.
(3) An agricultural producer.
(4) An enterprise which manufactures apparel products.
(5) An enterprise which is a for-profit or not-for-
profit child day-care center subject to licensure by the
Commonwealth.
(6) For the effective period of the COVID-19 disaster
emergency, an enterprise engaged in research and development.
* * *
Section 2. Section 2304 of Title 12 is amended by adding
subsections to read:
§ 2304. Fund and accounts.
* * *
(e) Requirements for research and development enterprises.--
The terms of a loan made under this chapter to a small business
engaged in research and development may not include any of the
following requirements:
(1) T hat the small business maintain a minimum debt
service coverage ratio.
(2) That the small business provide a loan guarantee.
(f) Waiver and adjustment.--For the effective period of the
COVID-19 disaster emergency, the authority may enter into loan
agreements with eligible applicants as determined by the
authority. Subject to subsection (e), the authority is
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authorized to waive or adjust loan requirements and terms,
including applicant eligibility criteria, loan amounts, interest
rates, collateral requirements, repayment periods and job
creation or preservation requirements, for small businesses
located in the geographic area specified in the proclamation
declaring the disaster. The authority may accept applications
directly from eligible applicants for loans and other financial
assistance.
(g) Funds transfer.--The sum of $100,000,000 is
transferred from the Budget Stabilization Reserve Fund
established in section 1701-A of the act of April 9, 1929
(P.L.343, No.176), known as The Fiscal Code, to the authority
for the program under this chapter. Section 1703-A(b) of The
Fiscal Code does not apply to this subsection.
Section 3. This act shall take effect immediately.
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