RLF Act

Bill: 116-s-4075
Sponsor: full_name: Sen. Capito, Shelley Moore [R-WV]
Introduced: 2020-06-25
Policy area: Commerce
Subjects: Credit and credit markets

Economic development

Economic performance and conditions
Latest action: action_date: 2020-10-30
text: Became Public Law No: 116-192.

Summaries:
action_date: 2020-06-25
action_desc: Introduced in Senate
text: <p><b>Reinvigorating Lending for the Future Act or the RLF Act</b></p> <p>This bill reduces reporting requirements for recipients of Revolving Loan Fund grants, which provide funds to capitalize lending programs for businesses that cannot obtain traditional bank financing.</p> <p>Specifically, upon request by a qualifying grantee, the Economic Development Administration (EDA) must release any federal interest in a grant&#8212;thereby relieving the grantee of associated federal reporting requirements&#8212;if the request is made at least seven years after the final disbursement of the original grant. Currently, the EDA may release the federal interest in a grant beginning 20 years after the grant was awarded. </p>

action_date: 2020-08-06
action_desc: Passed Senate
text: <p><b>Reinvigorating Lending for the Future Act or the RLF Act</b></p> <p>This bill reduces reporting requirements for recipients of Revolving Loan Fund grants, which provide funds to capitalize lending programs for businesses that cannot obtain traditional bank financing.</p> <p>Specifically, upon request by a qualifying grantee, the Economic Development Administration (EDA) must release any federal interest in a grant&#8212;thereby relieving the grantee of associated federal reporting requirements&#8212;if the request is made at least seven years after the final disbursement of the original grant. Currently, the EDA may release the federal interest in a grant beginning 20 years after the grant was awarded. </p>

action_date: 2020-10-01
action_desc: Passed House
text: <p><b>Reinvigorating Lending for the Future Act or the RLF Act</b></p> <p>This bill reduces reporting requirements for recipients of Revolving Loan Fund grants, which provide funds to capitalize lending programs for businesses that cannot obtain traditional bank financing.</p> <p>Specifically, upon request by a qualifying grantee, the Economic Development Administration (EDA) must release any federal interest in a grant&#8212;thereby relieving the grantee of associated federal reporting requirements&#8212;if the request is made at least seven years after the final disbursement of the original grant. Currently, the EDA may release the federal interest in a grant beginning 20 years after the grant was awarded. </p>

action_date: 2020-10-30
action_desc: Public Law
text: <p><b>Reinvigorating Lending for the Future Act or the RLF Act</b></p> <p>This bill reduces reporting requirements for recipients of Revolving Loan Fund grants, which provide funds to capitalize lending programs for businesses that cannot obtain traditional bank financing.</p> <p>Specifically, upon request by a qualifying grantee, the Economic Development Administration (EDA) must release any federal interest in a grant&#8212;thereby relieving the grantee of associated federal reporting requirements&#8212;if the request is made at least seven years after the final disbursement of the original grant. Currently, the EDA may release the federal interest in a grant beginning 20 years after the grant was awarded. </p>

tv_txt: II 116th CONGRESS 2d Session S. 4075 IN THE SENATE OF THE UNITED STATES June 25, 2020 Mrs. Capito (for herself and Mr. Cardin ) introduced the following bill; which was read twice and referred to the Committee on Environment and Public Works A BILL To amend the Public Works and Economic Development Act of 1965 to provide for the release of certain Federal interests in connection with certain grants under that Act, and for other purposes.

1. Short title This Act may be cited as the Reinvigorating Lending for the Future Act or the RLF Act . 2. Release of certain interests Section 601(d)(2) of the Public Works and Economic Development Act of 1965 ( 42 U.S.C. 3211(d)(2) ) is amended— (1) by striking the paragraph designation and heading and all that follows through The Secretary may and inserting the following: (2) Release (A) In general Except as provided in subparagraph (B), the Secretary may ; and (2) by adding at the end the following: (B) Certain releases (i) In general On written request from a recipient of a grant under section 209(d), the Secretary shall release, in accordance with this subparagraph, any Federal interest in connection with the grant, if— (I) the request is made not less than 7 years after the final disbursement of the original grant; (II) the recipient has complied with the terms and conditions of the grant to the satisfaction of the Secretary; (III) any proceeds realized from the grant will be used for 1 or more activities that continue to carry out the economic development purposes of this Act; and (IV) the recipient includes in the written request a description of how the recipient will use the proceeds of the grant in accordance with subclause (III). (ii) Deadline (I) In general Except as provided in subclause (II), the Secretary shall complete all closeout actions for the grant by not later than 180 days after receipt and acceptance of the written request under clause (i). (II) Extension The Secretary may extend a deadline under subclause (I) by an additional 180 days if the Secretary determines the extension to be necessary. (iii) Savings provision Section 602 shall continue to apply to a project assisted with a grant under section 209(d) regardless of whether the Secretary releases a Federal interest under clause (i). .

tv_txt: 116th CONGRESS 2d Session S. 4075 IN THE SENATE OF THE UNITED STATES AN ACT To amend the Public Works and Economic Development Act of 1965 to provide for the release of certain Federal interests in connection with certain grants under that Act, and for other purposes.

1. Short title This Act may be cited as the Reinvigorating Lending for the Future Act or the RLF Act . 2. Release of certain interests Section 601(d)(2) of the Public Works and Economic Development Act of 1965 ( 42 U.S.C. 3211(d)(2) ) is amended— (1) by striking the paragraph designation and heading and all that follows through The Secretary may and inserting the following: (2) Release (A) In general Except as provided in subparagraph (B), the Secretary may ; and (2) by adding at the end the following: (B) Certain releases (i) In general On written request from a recipient of a grant under section 209(d), the Secretary shall release, in accordance with this subparagraph, any Federal interest in connection with the grant, if— (I) the request is made not less than 7 years after the final disbursement of the original grant; (II) the recipient has complied with the terms and conditions of the grant to the satisfaction of the Secretary; (III) any proceeds realized from the grant will be used for 1 or more activities that continue to carry out the economic development purposes of this Act; and (IV) the recipient includes in the written request a description of how the recipient will use the proceeds of the grant in accordance with subclause (III). (ii) Deadline (I) In general Except as provided in subclause (II), the Secretary shall complete all closeout actions for the grant by not later than 180 days after receipt and acceptance of the written request under clause (i). (II) Extension The Secretary may extend a deadline under subclause (I) by an additional 180 days if the Secretary determines the extension to be necessary. (iii) Savings provision Section 602 shall continue to apply to a project assisted with a grant under section 209(d) regardless of whether the Secretary releases a Federal interest under clause (i). .

Passed the Senate August 6, 2020. Secretary

tv_txt: One Hundred Sixteenth Congress of the United States of America 2d Session Begun and held at the City of Washington on Friday, the third day of January, two thousand and twenty S. 4075 IN THE SENATE OF THE UNITED STATES AN ACT To amend the Public Works and Economic Development Act of 1965 to provide for the release of certain Federal interests in connection with certain grants under that Act, and for other purposes.

1. Short title This Act may be cited as the Reinvigorating Lending for the Future Act or the RLF Act . 2. Release of certain interests Section 601(d)(2) of the Public Works and Economic Development Act of 1965 ( 42 U.S.C. 3211(d)(2) ) is amended— (1) by striking the paragraph designation and heading and all that follows through The Secretary may and inserting the following: (2) Release (A) In general Except as provided in subparagraph (B), the Secretary may ; and (2) by adding at the end the following: (B) Certain releases (i) In general On written request from a recipient of a grant under section 209(d), the Secretary shall release, in accordance with this subparagraph, any Federal interest in connection with the grant, if— (I) the request is made not less than 7 years after the final disbursement of the original grant; (II) the recipient has complied with the terms and conditions of the grant to the satisfaction of the Secretary; (III) any proceeds realized from the grant will be used for 1 or more activities that continue to carry out the economic development purposes of this Act; and (IV) the recipient includes in the written request a description of how the recipient will use the proceeds of the grant in accordance with subclause (III). (ii) Deadline (I) In general Except as provided in subclause (II), the Secretary shall complete all closeout actions for the grant by not later than 180 days after receipt and acceptance of the written request under clause (i). (II) Extension The Secretary may extend a deadline under subclause (I) by an additional 180 days if the Secretary determines the extension to be necessary. (iii) Savings provision Section 602 shall continue to apply to a project assisted with a grant under section 209(d) regardless of whether the Secretary releases a Federal interest under clause (i). .

Speaker of the House of Representatives Vice President of the United States and President of the Senate