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.

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. 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) (1) by striking Nothing in this subparagraph shall limit the discretion of the Board of Governors of the Federal Reserve System to (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) (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) . (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. 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) (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) . (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. 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) (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.

Summary: 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.