A bill to amend the CARES Act to establish a Community Capital Investment Program, and for other purposes.

To amend the CARES Act to establish a Community Capital Investment Program, and for other purposes. 1. Community Capital Investment Program Section 4003 of the CARES Act ( Public Law 116–136 (i) Community Capital Investment Program (1) In general The Secretary shall establish a Community Capital Investment Program to support the efforts of community investment institutions to provide loans and forbearance for small businesses, minority-owned businesses, and consumers, especially in low-income and underserved communities, by— (A) providing direct capital investments in community investment institutions; and (B) providing loans to community investment institutions— (i) that are interest-free loans; (ii) that have a loan term of 5 years; (iii) with respect to which no loan payment is required under at least the end of the 180-day period beginning on the date the loan is made, or such longer term as the Secretary may determine appropriate. (2) Application date The Secretary shall begin accepting applications for capital investments and loans under the Program not later than the end of the 10-day period beginning on the date of enactment of this subsection. (3) Dividend rate Any preferred stock or other financial instrument issued to the Secretary in exchange for a capital investment under the Program shall carry a dividend or interest rate that does not exceed— (A) 1 percent, during the 3-year period following the date on which such instrument is issued; and (B) 3 percent, after the 3-year period described under subparagraph (A). (4) Restrictions The restrictions described under subsection (c)(3)(A)(ii) shall apply to capital investments and loans made under this subsection. (5) Available amounts In carrying out the Program, the Secretary shall use amounts made available under subsection (b), notwithstanding the limitations on the use of such funds under paragraphs (1) through (4) of such subsection (b). (6) Definitions In this subsection: (A) Community investment institution The term community investment institution (i) a community development financial institution, as defined in section 103 of the Community Development Banking and Financial Institutions Act of 1994 ( 12 U.S.C. 4702 (ii) an impact credit union; (iii) an impact bank; and (iv) a minority depository institution, as defined in section 308 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 ( 12 U.S.C. 1463 (B) Credit union The term credit union 12 U.S.C. 1752 (C) Impact credit union The term impact credit union (i) has total consolidated assets of less than $10,000,000,000; and (ii) extends at least 50 percent of the loans extended by the credit union to borrowers who are low-income borrowers, as determined by the Secretary. (D) Impact bank The term impact bank 12 U.S.C. 1813 (i) has total consolidated assets of less than $10,000,000,000; and (ii) extends at least 50 percent of the loans extended by the institution to borrowers who are low-income borrowers, as determined by the Secretary. (E) Program The term Program .

Summary: This bill establishes the Community Capital Investment Program to provide capital investments and interest-free loans to community development financial institutions, minority depository institutions, and certain small credit unions and banks to support low-income borrowers.