Bill — H.R. 6892, Main Street Lending Program Requirements (House, May 15, 2020)
Summary
H. R. 6892 was introduced in the House of Representatives on May 15, 2020 by Mrs. Beatty and referred to the Committee on Financial Services. The bill is titled as one 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. Section 1 provides that the Board of Governors of the Federal Reserve System shall make non-profit organizations and institutions of higher education eligible and create a low-cost loan option for non-profit organizations, with the ability to defer payments without capitalization of interest. The Board of Governors must issue rules or take other actions within a 5-day period after enactment.
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Cite this document
“Bill — H.R. 6892, Main Street Lending Program Requirements (House, May 15, 2020).”
Original at docs.house.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/bills-116hr6892ih-810f4ff52bf9/
, SHA-256 810f4ff52bf92fee5e05de99d2b5c67431d15df063cfbaf5a4ab11b034e7dd7b.Full text
I
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 orga-
nizations, small businesses, minority depository institu-
tions, and community development financial institutions,
and for other purposes.
1 Be it enacted by the Senate and House of Representa-
2 tives of the United States of America in Congress assembled,
3 SECTION 1. MAIN STREET LENDING PROGRAM REQUIRE-
4 MENTS.
5 (a) IN GENERAL.—Section 4003(c)(3)(D)(ii) of the
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6 CARES Act (15 U.S.C. 9042(c)(3)(D)(ii)) is amended—
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2
1 (1) by striking ‘‘Nothing in this subparagraph
2 shall limit the discretion of the Board of Governors
3 of the Federal Reserve System to’’ and inserting the
4 following:
5 ‘‘(I) IN GENERAL.—The Board of
6 Governors of the Federal Reserve Sys-
7 tem shall’’; and
8 (2) by adding at the end the following:
9 ‘‘(II) REQUIREMENTS.—In car-
10 rying out subclause (I), the Board of
11 Governors of the Federal Reserve Sys-
12 tem—
13 ‘‘(aa) shall make non-profit
14 organizations and institutions of
15 higher education (as such term is
16 defined in section 101(a) of the
17 Higher Education Act of 1965
18 (20 U.S.C. 1001(a))) eligible for
19 any program or facility estab-
20 lished under such subclause; and
21 ‘‘(bb) shall—
22 ‘‘(AA) create a low-cost
23 loan option tailored to the
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24 unique needs of non-profit
25 organizations, including the
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1 ability to defer payments
2 without capitalization of in-
3 terest;
4 ‘‘(BB) solely for non-
5 profit organizations that
6 predominantly serve low-in-
7 come communities (as deter-
8 mined by the Board of Gov-
9 ernors), have the loans for-
10 given by the Secretary of the
11 Treasury for a similar pur-
12 pose to maintain payroll and
13 operations provided under
14 the Paycheck Protection
15 Program, notwithstanding
16 subsection (d)(3); and
17 ‘‘(CC) make any orga-
18 nization that meets the re-
19 quirements of section
20 501(c)(4) of the Internal
21 Revenue Code of 1986 eligi-
22 ble for any facility, but only
23 if such organization has not
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24 made and will not make a
25 contribution, expenditure,
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1 independent expenditure, or
2 electioneering communica-
3 tion (within the meanings of
4 such terms under the Fed-
5 eral Election Campaign Act
6 of 1971), and has not un-
7 dertaken and will not under-
8 take similar campaign fi-
9 nance activities in State and
10 local elections;’’.
11 (b) DEADLINE.—Not later than the end of the 5-day
12 period beginning on the date of enactment of this Act, the
13 Board of Governors of the Federal Reserve System shall
14 issue such rules or take such other actions as may be nec-
15 essary to implement the requirements made by the amend-
16 ments made by this section.
17 SEC. 2. OPTIONS FOR SMALL BUSINESSES AND NON-PROF-
18 ITS UNDER THE MAIN STREET LENDING PRO-
19 GRAM.
20 (a) IN GENERAL.—Section 4003(c)(3)(D)(ii)(II) of
21 the CARES Act (15 U.S.C. 9042(c)(3)(D)(ii)(II)), as
22 added by section 1, if further amended by adding at the
23 end the following:
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24 ‘‘(cc) shall provide at least
25 one low-cost loan option that
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1 small businesses, small non-prof-
2 its, and small institutions of
3 higher education (as such term is
4 defined in section 101(a) of the
5 Higher Education Act of 1965
6 (20 U.S.C. 1001(a))) are eligible
7 for that does not have a min-
8 imum loan size and includes the
9 ability to defer payments without
10 capitalization of interest, and,
11 solely for small non-profit organi-
12 zations that predominantly serve
13 low-income communities, as de-
14 termined by the Federal Reserve,
15 have the loans forgiven by the
16 Department of the Treasury for
17 a similar purpose to maintain
18 payroll and operations provided
19 under the Paycheck Protection
20 Program, notwithstanding section
21 4003(d)(3) of the CARES Act;’’.
22 (b) DEADLINE.—Not later than the end of the 5-day
23 period beginning on the date of enactment of this Act, the
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24 Board of Governors of the Federal Reserve System shall
25 issue such rules or take such other actions as may be nec-
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1 essary to implement the requirements made by the amend-
2 ments made by this section.
3 SEC. 3. TREATMENT OF CDFIS UNDER THE MAIN STREET
4 LENDING PROGRAM.
5 (a) IN GENERAL.—Section 4003(c)(3)(D)(ii)(II) of
6 the CARES Act (15 U.S.C. 9042(c)(3)(D)(ii)(II)), as
7 amended by section 2, is further amended by adding at
8 the end the following:
9 ‘‘(dd) shall authorize com-
10 munity development financial in-
11 stitutions to be eligible lenders
12 under such program or facility;
13 and
14 ‘‘(ee) shall provide re-
15 sources, webinars, and technical
16 assistance (using funds from
17 such program or facility) to mi-
18 nority depository institutions and
19 community development financial
20 institutions that wish to be eligi-
21 ble lenders under such program
22 or facility.’’.
23 (b) DEADLINE.—Not later than the end of the 5-day
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24 period beginning on the date of enactment of this Act, the
25 Board of Governors of the Federal Reserve System shall
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1 issue such rules or take such other actions as may be nec-
2 essary to implement the requirements made by the amend-
3 ments made by this section.
Æ
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