To require the Secretary of the Treasury to establish a revolving loan fund program for certain businesses to facilitate increased lending in the United States.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Main Street Survival Act''.

SEC. 2. FINDINGS; SENSE OF CONGRESS.

    (a) Findings.--The Congress finds the following:
            (1) Despite the infusion of hundreds of billions of dollars 
        to provide liquidity to capital markets, many qualified and 
        creditworthy small and medium-sized businesses continue to face 
        severely constricted credit markets.
            (2) Banks of all sizes have significantly decreased lending 
        in, and in some cases withdrawn completely from, the small and 
        medium-sized business credit market.
            (3) Available and affordable credit is critical for the 
        survival of the small and medium-sized businesses that form the 
        backbone of the economy of the United States.
    (b) Sense of the Congress on Lending to Small and Medium-sized 
Businesses.--It is the sense of the Congress that the President, acting 
through the Secretary of the Treasury, should encourage financial 
institutions that have received Federal financial support to maintain 
historic levels of lending to small and medium-sized businesses.

SEC. 3. DEFINITIONS.

    In this Act--
            (1) the term ``revolving loan fund'' means the revolving 
        loan fund established under section 4(b); and
            (2) the term ``Secretary'' means the Secretary of the 
        Treasury.

SEC. 4. MAIN STREET REVOLVING LOAN FUND PROGRAM.

    (a) Establishment.--The Secretary shall establish the Main Street 
Revolving Loan Fund Program (hereinafter in this Act referred to as the 
``program'') to provide temporary loans to businesses that meet the 
size requirement under paragraph (1) of subsection (c).
    (b) Revolving Loan Fund.--
            (1) In general.--There is established in the Treasury a 
        revolving loan fund for the program.
            (2) Initial transfer.--From dividends paid by financial 
        institutions that have received financial assistance provided 
        under title I of the Emergency Economic Stabilization Act of 
        2008 (Public Law 110-343; 12 U.S.C. 5211 et seq.), the 
        Secretary shall transfer and credit $1,000,000,000 to the 
        revolving loan fund.
            (3) Expenditures.--The Secretary shall use the amounts in 
        the revolving loan fund to carry out the program.
            (4) Deposits.--The Secretary shall deposit amounts received 
        as payment on loans provided under the program into the 
        revolving loan fund.
    (c) Eligibility.--
            (1) Size requirement.--To qualify for a loan under the 
        program, a business shall have less than 1,000 full-time 
        equivalent employees at the time of submission of an 
        application under subsection (d).
            (2) Considerations.--The Secretary, through regulations, 
        shall develop criteria to evaluate and select businesses for 
        participation in the program, taking into consideration--
                    (A) the likelihood that the business concerned will 
                be forced to lay off employees in the absence of 
                obtaining a loan under such program; and
                    (B) the ability of such businesses to repay the 
                loan.
            (3) Availability.--The criteria developed under paragraph 
        (2) shall be made available on the official public Web site of 
        the Department of the Treasury.
    (d) Application.--A business desiring a loan under the program 
shall submit an application to the Secretary at such time, in such 
manner, and accompanied by such information as the Secretary may 
require.

SEC. 5. TERMS.

    (a) Use of Funds.--A business receiving a loan under the program 
may use the funds to finance the cost of operations, including--
            (1) purchasing and operating equipment;
            (2) paying salaries, wages, and building expenses; and
            (3) purchasing inventory or making improvements to enhance 
        productivity.
    (b) Prohibited Use.--A loan provided under the program may not be 
used to significantly expand operations.
    (c) Repayment Period.--A loan provided under the program shall be 
made for a period not to exceed 9 months.
    (d) Maximum Loan Amount.--Under the program, the Secretary may 
provide not more than a total of $1,000,000 in loans to a particular 
business in any fiscal year.

SEC. 6. ADMINISTRATIVE COSTS.

    Not more than $1,000,000 may be used for administrative costs in 
any fiscal year to carry out the program.

SEC. 7. REPORT.

    (a) In General.--The Secretary shall make available on the official 
public Web site of the Department of the Treasury, and submit to 
Congress--
            (1) within 1 year after the date of enactment of this Act 
        and each year thereafter in which a loan has been made under 
        the program, an annual report; and
            (2) within 90 days after the end of the 9-month period 
        following the issuance of the final loan under the program, a 
        final report.
    (b) Details.--Each report shall provide details on loans provided 
under the program and the effectiveness of such program in providing 
stability for, and otherwise supporting, businesses.

SEC. 8. REGULATIONS.

    The Secretary may prescribe regulations necessary to carry out this 
Act.

SEC. 9. SUNSET.

    An application for a loan under the program may not be accepted 
after the date which is 3 years after the date of enactment of this 
Act.

Summary: Main Street Survival Act - Expresses the sense of Congress that the President should encourage financial institutions that have received federal financial support to maintain historic levels of lending to small and medium-sized businesses.

Instructs the Secretary of the Treasury to establish a three-year Main Street Revolving Loan Fund Program to provide temporary loans to businesses with less than 1,000 full-time equivalent employees.

Establishes in the Treasury a revolving loan fund to implement the Program.

Permits a business to use a Main Street revolving loan to finance the cost of certain operations, but prohibits the use of it to expand its operations significantly. Limits the term of such a loan to nine months, and the maximum total amount of loans to a particular business in any fiscal year to $1 million.