[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6892 Introduced in House (IH)]
<DOC>
116th CONGRESS
2d Session
H. R. 6892
To amend the CARES Act to add requirements for the Main Street Lending
Program related to non-profit organizations, small businesses, minority
depository institutions, and community development financial
institutions, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
May 15, 2020
Mrs. Beatty introduced the following bill; which was referred to the
Committee on Financial Services
_______________________________________________________________________
A BILL
To amend the CARES Act to add requirements for the Main Street Lending
Program related to non-profit organizations, small businesses, minority
depository institutions, and community development financial
institutions, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. MAIN STREET LENDING PROGRAM REQUIREMENTS.
(a) In General.--Section 4003(c)(3)(D)(ii) of the CARES Act (15
U.S.C. 9042(c)(3)(D)(ii)) is amended--
(1) by striking ``Nothing in this subparagraph shall limit
the discretion of the Board of Governors of the Federal Reserve
System to'' and inserting the following:
``(I) In general.--The Board of
Governors of the Federal Reserve System
shall''; and
(2) by adding at the end the following:
``(II) Requirements.--In carrying
out subclause (I), the Board of
Governors of the Federal Reserve
System--
``(aa) shall make non-
profit organizations and
institutions of higher
education (as such term is
defined in section 101(a) of
the Higher Education Act of
1965 (20 U.S.C. 1001(a)))
eligible for any program or
facility established under such
subclause; and
``(bb) shall--
``(AA) create a
low-cost loan option
tailored to the unique
needs of non-profit
organizations,
including the ability
to defer payments
without capitalization
of interest;
``(BB) solely for
non-profit
organizations that
predominantly serve
low-income communities
(as determined by the
Board of Governors),
have the loans forgiven
by the Secretary of the
Treasury for a similar
purpose to maintain
payroll and operations
provided under the
Paycheck Protection
Program,
notwithstanding
subsection (d)(3); and
``(CC) make any
organization that meets
the requirements of
section 501(c)(4) of
the Internal Revenue
Code of 1986 eligible
for any facility, but
only if such
organization has not
made and will not make
a contribution,
expenditure,
independent
expenditure, or
electioneering
communication (within
the meanings of such
terms under the Federal
Election Campaign Act
of 1971), and has not
undertaken and will not
undertake similar
campaign finance
activities in State and
local elections;''.
(b) Deadline.--Not later than the end of the 5-day period beginning
on the date of enactment of this Act, the Board of Governors of the
Federal Reserve System shall issue such rules or take such other
actions as may be necessary to implement the requirements made by the
amendments made by this section.
SEC. 2. OPTIONS FOR SMALL BUSINESSES AND NON-PROFITS UNDER THE MAIN
STREET LENDING PROGRAM.
(a) In General.--Section 4003(c)(3)(D)(ii)(II) of the CARES Act (15
U.S.C. 9042(c)(3)(D)(ii)(II)), as added by section 1, if further
amended by adding at the end the following:
``(cc) shall provide at
least one low-cost loan option
that small businesses, small
non-profits, and small
institutions of higher
education (as such term is
defined in section 101(a) of
the Higher Education Act of
1965 (20 U.S.C. 1001(a))) are
eligible for that does not have
a minimum loan size and
includes the ability to defer
payments without capitalization
of interest, and, solely for
small non-profit organizations
that predominantly serve low-
income communities, as
determined by the Federal
Reserve, have the loans
forgiven by the Department of
the Treasury for a similar
purpose to maintain payroll and
operations provided under the
Paycheck Protection Program,
notwithstanding section
4003(d)(3) of the CARES Act;''.
(b) Deadline.--Not later than the end of the 5-day period beginning
on the date of enactment of this Act, the Board of Governors of the
Federal Reserve System shall issue such rules or take such other
actions as may be necessary to implement the requirements made by the
amendments made by this section.
SEC. 3. TREATMENT OF CDFIS UNDER THE MAIN STREET LENDING PROGRAM.
(a) In General.--Section 4003(c)(3)(D)(ii)(II) of the CARES Act (15
U.S.C. 9042(c)(3)(D)(ii)(II)), as amended by section 2, is further
amended by adding at the end the following:
``(dd) shall authorize
community development financial
institutions to be eligible
lenders under such program or
facility; and
``(ee) shall provide
resources, webinars, and
technical assistance (using
funds from such program or
facility) to minority
depository institutions and
community development financial
institutions that wish to be
eligible lenders under such
program or facility.''.
(b) Deadline.--Not later than the end of the 5-day period beginning
on the date of enactment of this Act, the Board of Governors of the
Federal Reserve System shall issue such rules or take such other
actions as may be necessary to implement the requirements made by the
amendments made by this section.
<all>
To amend the CARES Act to add requirements for the Main Street Lending Program related to non-profit organizations, small businesses, minority depository institutions, and community development financial institutions, and for other purposes.
#6892 | HR Congress #116
Policy Area: Finance and Financial Sector
Last Action: Referred to the House Committee on Financial Services. (5/15/2020)
Bill Text Source: Congress.gov
Summary and Impacts
Original Text