To require the Board of Governors of the Federal Reserve System to establish a credit facility to provide loans to small businesses, including small family farms, during the COVID-19 emergency.

Bill: 116-hr-6331
Sponsor: full_name: Rep. Beatty, Joyce [D-OH-3]
Introduced: 2020-03-23
Policy area: Finance and Financial Sector
Subjects: Agricultural prices, subsidies, credit

Cardiovascular and respiratory health

Emergency medical services and trauma care

Federal Reserve System

Government lending and loan guarantees

Infectious and parasitic diseases

Self-employed

Small business
Latest action: action_date: 2020-03-23
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2020-03-23
action_desc: Introduced in House
text: <p>This bill requires the Federal Reserve Board to establish a credit facility to provide loans to certain small businesses during the COVID-19 (i.e., coronavirus disease 2019) emergency. </p>

tv_txt: I 116th CONGRESS 2d Session H. R. 6331 IN THE HOUSE OF REPRESENTATIVES March 23, 2020 Mrs. Beatty introduced the following bill; which was referred to the Committee on Financial Services A BILL To require the Board of Governors of the Federal Reserve System to establish a credit facility to provide loans to small businesses, including small family farms, during the COVID–19 emergency.

1. Small Business Credit Facility (a) Establishment The Board of Governors of the Federal Reserve System shall establish a credit facility to provide loans to small businesses during the COVID–19 emergency. (b) Definitions In this section: (1) COVID–19 emergency The term COVID–19 emergency means the period that begins upon the date of the enactment of this Act and ends on the date of the termination by the Federal Emergency Management Agency of the emergency declared on March 13, 2020, by the President under the Robert T. Stafford Disaster Relief and Emergency Assistance Act ( 42 U.S.C. 4121 et seq.) relating to the Coronavirus Disease 2019 (COVID–19) pandemic. (2) Small business The term small business means— (A) a small business concern (as defined under section 3 of the Small Business Act ( 15 U.S.C. 632 ); (B) a family farm; and (C) an independent contractor.