H.R. 6817 — To Establish a Payroll Loan Facility for Small Financial Institutions (May 12, 2020)
Summary
H.R. 6817 is a bill introduced in the House of Representatives on May 12, 2020, by Mr. Green of Texas and referred to Financial Services. Section 1 requires the Secretary of the Treasury to establish a payroll loan facility that makes loans to small financial institutions and provides, to the maximum extent practicable, benefits equivalent to the Paycheck Protection Program, along with a loan forgiveness program. A small financial institution is a community development financial institution, minority depository institution, or rural bank with consolidated assets of less than $700,000,000. The bill appropriates $25,000,000,000 to the Secretary of the Treasury.
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“H.R. 6817 — To Establish a Payroll Loan Facility for Small Financial Institutions (May 12, 2020).”
Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/bills-bills-116hr6817ih-bills-116hr6817ih/
, SHA-256 2df54e6d7678577605a39ab64ec0f03cc4590fd3b1e99d9c46dbd98230b7ae98.Full text
I
116TH CONGRESS
2D SESSION
H. R. 6817
To establish a payroll loan facility for small financial institutions affected
by COVID–19, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
MAY 12, 2020
Mr. GREEN of Texas (for himself, Mr. CLEAVER, and Mr. DAVID SCOTT of
Georgia) introduced the following bill; which was referred to the Com-
mittee on Financial Services
A BILL
To establish a payroll loan facility for small financial
institutions affected by COVID–19, 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. PAYROLL LOAN FACILITY FOR SMALL FINAN-
4 CIAL INSTITUTIONS.
5 (a) IN GENERAL.—The Secretary of the Treasury
6 shall establish a payroll loan facility which shall make
7 loans to small financial institutions and which shall, to the
8 maximum extent practicable, provide equivalent benefits
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9 and assistance that are provided by the Paycheck Protec-
10 tion Program.
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2
1 (b) LOAN FORGIVENESS.—The Secretary of the
2 Treasury shall establish a loan forgiveness program with
3 respect to loans made under subsection (a), that shall, to
4 the maximum extent practicable, have the same require-
5 ments as the loan forgiveness program established under
6 section 1106 of the CARES Act (15 U.S.C. 9005).
7 (c) DEFINITIONS.—In this section:
8 (1) COMMUNITY DEVELOPMENT FINANCIAL IN-
9 STITUTION.—The term ‘‘community development fi-
10 nancial institution’’ has the meaning given that term
11 under section 103 of the Riegle Community Develop-
12 ment and Regulatory Improvement Act of 1994 (12
13 U.S.C. 4702).
14 (2) SMALL FINANCIAL INSTITUTION.—The term
15 ‘‘small financial institution’’ means an institution
16 that—
17 (A) is a community development financial
18 institution, minority depository institution, or
19 rural bank; and
20 (B) has consolidated assets of less than
21 $700,000,000.
22 (3) INSURED CREDIT UNION.—The term ‘‘in-
23 sured credit union’’ has the meaning given that term
24 under section 101 of the Federal Credit Union Act.
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1 (4) INSURED DEPOSITORY INSTITUTION.—The
2 term ‘‘insured depository institution’’ has the mean-
3 ing given that term under section 3 of the Federal
4 Deposit Insurance Act.
5 (5) MINORITY DEPOSITORY INSTITUTION.—The
6 term ‘‘minority depository institution’’ has the
7 meaning given that term under section 308(b) of the
8 Financial Institutions Reform, Recovery, and En-
9 forcement Act of 1989 (12 U.S.C. 1463 note).
10 (6) PAYCHECK PROTECTION PROGRAM.—The
11 term ‘‘Paycheck Protection Program’’ means section
12 7(a)(36) of the Small Business Act (15 U.S.C.
13 636(a)(36)).
14 (7) RURAL.—With respect to an area, the term
15 ‘‘rural’’ has the meaning given that term under sec-
16 tion 1026.35(b)(iv)(A) of title 12, Code of Federal
17 Regulations.
18 (8) RURAL BANK.—The term ‘‘rural bank’’
19 means an insured credit union or insured depository
20 institution located in a rural area.
21 (d) DIRECT APPROPRIATION FOR THE PAYROLL
22 LOAN FACILITY.—There is appropriated, out of amounts
23 in the Treasury not otherwise appropriated,
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1 $25,000,000,000 to the Secretary of the Treasury to carry
2 out this subsection.
Æ
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