Revolving Loan Fund Flexibility Act of 2020

Bill: 116-hr-7467
Sponsor: full_name: Rep. Panetta, Jimmy [D-CA-20]
Introduced: 2020-07-01
Policy area: Transportation and Public Works
Subjects: Government lending and loan guarantees

Transportation programs funding
Latest action: action_date: 2020-07-02
text: Referred to the Subcommittee on Economic Development, Public Buildings, and Emergency Management.

Summaries:
action_date: 2020-07-01
action_desc: Introduced in House
text: <p><b>Revolving Loan Fund Flexibility Act of 2020</b></p> <p>This bill authorizes a grantee that provides revolving loans using funds from a Department of Commerce economic development grant to transfer funds repaid from such a loan to another eligible project, subject to various requirements.</p>

tv_txt: I 116th CONGRESS 2d Session H. R. 7467 IN THE HOUSE OF REPRESENTATIVES July 1, 2020 Mr. Panetta introduced the following bill; which was referred to the Committee on Transportation and Infrastructure , 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 Public Works and Economic Development Act of 1965 to allow a grantee of revolving loan funds to transfer certain funds to other eligible projects.

1. Short title This Act may be cited as the Revolving Loan Fund Flexibility Act of 2020 . 2. Revolving loan fund flexibility Section 209(d) of the Public Works and Economic Development Act of 1965 ( 42 U.S.C. 3149(d) ) is amended— (1) by redesignating paragraphs (3) and (4) as paragraphs (4) and (5); and (2) by inserting after paragraph (2) the following: (3) Revolving loan fund repurposing (A) In general A grantee of revolving loan funds may, upon request, transfer any funds that have been repaid to a revolving loan fund under this section to any other project eligible to receive funding under this section. (B) Eligibility To be eligible to transfer revolving loan funds under this paragraph, a grantee shall have more cash available for lending than the average cash available for lending in the EDA region in which such grantee is located. (C) Discretion The Secretary shall retain the discretion to approve or deny a transfer request under this paragraph. (D) Cash available for lending defined In this paragraph, the term cash available for lending means the revolving loan fund cash available for lending net of the committed revolving loan fund cash. .