Title: RLF Act
Policy area: Commerce

Summary:
Reinvigorating Lending for the Future Act or the RLF Act
This bill reduces reporting requirements for recipients of Revolving Loan Fund grants, which provide funds to capitalize lending programs for businesses that cannot obtain traditional bank financing.
Specifically, upon request by a qualifying grantee, the Economic Development Administration (EDA) must release any federal interest in a grant—thereby relieving the grantee of associated federal reporting requirements—if the request is made at least seven years after the final disbursement of the original grant. Currently, the EDA may release the federal interest in a grant beginning 20 years after the grant was awarded.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 4075 Introduced in Senate (IS)]

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116th CONGRESS
  2d Session
                                S. 4075

   To amend the Public Works and Economic Development Act of 1965 to 
provide for the release of certain Federal interests in connection with 
         certain grants under that Act, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             June 25, 2020

Mrs. Capito (for herself and Mr. Cardin) introduced the following bill; 
 which was read twice and referred to the Committee on Environment and 
                              Public Works

_______________________________________________________________________

                                 A BILL


 
   To amend the Public Works and Economic Development Act of 1965 to 
provide for the release of certain Federal interests in connection with 
         certain grants under that Act, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Reinvigorating Lending for the 
Future Act'' or the ``RLF Act''.

SEC. 2. RELEASE OF CERTAIN INTERESTS.

    Section 601(d)(2) of the Public Works and Economic Development Act 
of 1965 (42 U.S.C. 3211(d)(2)) is amended--
            (1) by striking the paragraph designation and heading and 
        all that follows through ``The Secretary may'' and inserting 
        the following:
            ``(2) Release.--
                    ``(A) In general.--Except as provided in 
                subparagraph (B), the Secretary may''; and
            (2) by adding at the end the following:
                    ``(B) Certain releases.--
                            ``(i) In general.--On written request from 
                        a recipient of a grant under section 209(d), 
                        the Secretary shall release, in accordance with 
                        this subparagraph, any Federal interest in 
                        connection with the grant, if--
                                    ``(I) the request is made not less 
                                than 7 years after the final 
                                disbursement of the original grant;
                                    ``(II) the recipient has complied 
                                with the terms and conditions of the 
                                grant to the satisfaction of the 
                                Secretary;
                                    ``(III) any proceeds realized from 
                                the grant will be used for 1 or more 
                                activities that continue to carry out 
                                the economic development purposes of 
                                this Act; and
                                    ``(IV) the recipient includes in 
                                the written request a description of 
                                how the recipient will use the proceeds 
                                of the grant in accordance with 
                                subclause (III).
                            ``(ii) Deadline.--
                                    ``(I) In general.--Except as 
                                provided in subclause (II), the 
                                Secretary shall complete all closeout 
                                actions for the grant by not later than 
                                180 days after receipt and acceptance 
                                of the written request under clause 
                                (i).
                                    ``(II) Extension.--The Secretary 
                                may extend a deadline under subclause 
                                (I) by an additional 180 days if the 
                                Secretary determines the extension to 
                                be necessary.
                            ``(iii) Savings provision.--Section 602 
                        shall continue to apply to a project assisted 
                        with a grant under section 209(d) regardless of 
                        whether the Secretary releases a Federal 
                        interest under clause (i).''.
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