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.
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in house (May 15, 2020)
This bill expands existing COVID-19 (i.e., coronavirus disease 2019) economic aid programs to include nonprofit organizations and institutions of higher education. Specifically, the Federal Reserve Board must make these organizations eligible for the Main Street Lending Program, which is currently available to small- and mid-sized businesses.
The board must create low-cost loan options for nonprofit organizations, as well offer loan forgiveness to certain nonprofit organizations that predominately serve low-income communities.
The Main Street Lending Program must offer loans that do not have a minimum loan size and includes the ability to defer payments without capitalization of interest to small businesses, nonprofits, and institutions of higher education. The board must authorize community development financial institutions to be eligible lenders.
What just happenedMay 15, 2020
Referred to the House Committee on Financial Services.
Who’s behind it
- Introduced in HouseMay 15, 2020
- May 15, 2020IntroReferralH11100
Referred to the House Committee on Financial Services.
Financial Services Committee - May 15, 2020IntroReferralIntro-H
Introduced in House
- May 15, 2020IntroReferral1000
Introduced in House