Flexible Financing for Rural America Act of 2020
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in house (Jul 2, 2020)
Flexible Financing for Rural America Act of 2020
This bill allows rural utility service providers to submit to the Department of Agriculture (USDA) a request to adjust the interest rate or modify the terms of certain loans. The request shall include a report summarizing how the adjustment or modification will assist the borrower in providing critical utility services to a rural community.
Specifically, on receipt of a request, USDA must
- adjust the interest rate on the loan to match certain interest rates in effect when the bill is enacted for obligations of comparable maturity to the term remaining on the loan (or a higher rate requested by the borrower), and
- make modifications to the loan terms as necessary to address changes in the financial position of the borrower due to the COVID-19 (i.e., coronavirus disease 2019) public health emergency and to promote the financial sustainability of the borrower.
In carrying out the adjustments or modifications, USDA shall not impose or collect any fee from, or impose any penalty on, a borrower.
The bill also provides funding to implement the adjustments and modifications.
What just happenedSep 3, 2020
Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
Who’s behind it
- Introduced in HouseJul 2, 2020
- Sep 3, 2020Committee
Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
Commodity Markets, Digital Assets, and Rural Development Subcommittee - Jul 2, 2020IntroReferralH11100
Referred to the Committee on Agriculture, and in addition to the Committees on Energy and Commerce, and the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Budget Committee - Jul 2, 2020IntroReferralH11100
Referred to the Committee on Agriculture, and in addition to the Committees on Energy and Commerce, and the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Energy and Commerce Committee - Jul 2, 2020IntroReferralH11100
Referred to the Committee on Agriculture, and in addition to the Committees on Energy and Commerce, and the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Agriculture Committee - Jul 2, 2020IntroReferralIntro-H
Introduced in House
- Jul 2, 2020IntroReferral1000
Introduced in House