Title: To amend the CARES Act to establish a loan program to provide liquidity to eligible lenders for the purpose of providing loans under the Paycheck Protection Program, and for other purposes.
Policy area: Finance and Financial Sector

Summary:
This bill requires, and provides funds for, the Department of the Treasury to establish a loan program that provides liquidity to community development financial institutions, small minority depository institutions, and rural banks participating in the Paycheck Protection Program created in response to the COVID-19 (i.e., coronavirus disease 2019) pandemic.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6476 Introduced in House (IH)]

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116th CONGRESS
  2d Session
                                H. R. 6476

To amend the CARES Act to establish a loan program to provide liquidity 
   to eligible lenders for the purpose of providing loans under the 
          Paycheck Protection Program, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 10, 2020

Mr. Green of Texas introduced the following bill; which was referred to 
 the Committee on Small Business, and in addition to the Committee on 
 Financial Services, 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

_______________________________________________________________________

                                 A BILL


 
To amend the CARES Act to establish a loan program to provide liquidity 
   to eligible lenders for the purpose of providing loans under the 
          Paycheck Protection Program, 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. LOANS TO PROVIDE LIQUIDITY TO THE PAYCHECK PROTECTION 
              PROGRAM.

    Section 1102 of the CARES Act (Public Law 116-136) is amended by 
adding at the end the following:
    ``(f) Loans To Provide Liquidity to the Paycheck Protection 
Program.--
            ``(1) In general.--The Secretary of the Treasury shall 
        carry out a loan program to provide loans or a series of loans 
        to eligible lenders in order to allow those lenders to extend 
        covered loans under the Paycheck Protection Program. The 
        Secretary is authorized to utilize the Federal Reserve System 
        or other Federal agencies in carrying out this paragraph.
            ``(2) Amount of loans.--The amount of a loan provided under 
        paragraph (1) shall be equal to the amount the eligible lender 
        estimates will be required for the lender to extend covered 
        loans under the Paycheck Protection Program for succeeding 15 
        days.
            ``(3) Segregation of loan funds.--An eligible lender 
        receiving a loan under this section shall keep the loan amounts 
        in a separate account from other operating accounts of the 
        lender.
            ``(4) Funding.--There is appropriated, out of amounts in 
        the Treasury not otherwise appropriated, $10,000,000,000 to the 
        Secretary of the Treasury to carry out this subsection.
            ``(5) Definitions.--In this subsection:
                    ``(A) Community development financial 
                institution.--The term `community development financial 
                institution' has the meaning given that term under 
                section 103 of the Riegle Community Development and 
                Regulatory Improvement Act of 1994 (12 U.S.C. 4702).
                    ``(B) Eligible lenders.--The term `eligible 
                lenders' means community development financial 
                institutions, small minority depository institutions, 
                and rural banks.
                    ``(C) Insured credit union.--The term `insured 
                credit union' has the meaning given that term under 
                section 101 of the Federal Credit Union Act.
                    ``(D) Insured depository institution.--The term 
                `insured depository institution' has the meaning given 
                that term under section 3 of the Federal Deposit 
                Insurance Act.
                    ``(E) Paycheck protection program.--The term 
                `Paycheck Protection Program' means section 7(a)(36) of 
                the Small Business Act (15 U.S.C. 636(a)(36)).
                    ``(F) Rural.--With respect to an area, the term 
                `rural' has the meaning given that term under section 
                1026.35(b)(iv)(A) of title 12, Code of Federal 
                Regulations.
                    ``(G) Rural bank.--The term `rural bank' means an 
                insured credit union or insured depository institution 
                located in a rural area.
                    ``(H) Small minority depository institution.--The 
                term `small minority depository institution' means an 
                institution that--
                            ``(i) is a minority depository institution, 
                        as defined under section 308(b) of the 
                        Financial Institutions Reform, Recovery, and 
                        Enforcement Act of 1989 (12 U.S.C. 1463 note); 
                        and
                            ``(ii) has consolidated assets of less than 
                        $250,000,000.''.
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