Title: To amend the CARES Act to authorize the financing of inventory of American manufactured products by financial institutions, and for other purposes.
Policy area: Commerce

Summary:
This bill requires the Department of the Treasury to provide financing for finished products manufactured in the United States by manufacturers with less than 2,000 employees.
Such financing may not exceed a certain percentage of sales of the finished products. However, financing of certain American-manufactured items produced in response to COVID-19 (i.e., coronavirus disease 2019) shall not be counted in the calculation of such sales.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6679 Introduced in House (IH)]

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116th CONGRESS
  2d Session
                                H. R. 6679

   To amend the CARES Act to authorize the financing of inventory of 
American manufactured products by financial institutions, and for other 
                               purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 1, 2020

   Mr. Kelly of Mississippi introduced the following bill; which was 
            referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
   To amend the CARES Act to authorize the financing of inventory of 
American manufactured products by financial institutions, 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. AUTHORIZING THE FINANCING OF INVENTORY OF AMERICAN 
              MANUFACTURED PRODUCTS BY FINANCIAL INSTITUTIONS.

    (a) In General.--Title II of the Coronavirus Aid, Relief, and 
Economic Security Act of 2020 (15 U.S.C. 9071 et seq.) is amended--
            (1) by inserting after section 9071 the following section:

``SEC. 9072. AUTHORIZING THE FINANCING OF INVENTORY OF AMERICAN 
              MANUFACTURED PRODUCTS BY FINANCIAL INSTITUTIONS.

    ``(a) In General.--
            ``(1) Notwithstanding any other provision of law, to 
        preserve American manufacturers and their supply chain, the 
        Secretary of the Treasury shall provide financial assistance 
        that shall exclusively be used for the financing of finished 
        products manufactured in the United States after 21 March 2020 
        by businesses of--
                    ``(A) less than 2,000 employees;
                    ``(B) which financing shall not be in excess of 110 
                percent of sales of the finished product based off the 
                12 months of sales prior to 21 March 2020; and
                    ``(C) which financing of American manufactured 
                products that were produced in response to COVID-19 
                pursuant to section 564 of the Federal Food, Drug, and 
                Cosmetic Act (21 U.S.C. 201 et seq.) shall not be 
                counted in the calculation of sales of the finished 
                product in the 12 months of sales prior to 21 March 
                2020.''.
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