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

Bill: 116-hr-6679
Sponsor: full_name: Rep. Kelly, Trent [R-MS-1]
Introduced: 2020-05-01
Policy area: Commerce
Subjects: Business investment and capital

Cardiovascular and respiratory health

Emergency medical services and trauma care

Government lending and loan guarantees

Health technology, devices, supplies

Infectious and parasitic diseases

Manufacturing

Small business
Latest action: action_date: 2020-05-01
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2020-05-01
action_desc: Introduced in House
text: <p>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.</p> <p>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.</p>

tv_txt: I 116th CONGRESS 2d Session H. R. 6679 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.

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: 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. .