To establish a payroll loan facility for small financial institutions affected by COVID-19, and for other purposes.

Bill: 116-hr-6817
Sponsor: full_name: Rep. Green, Al [D-TX-9]
Introduced: 2020-05-12
Policy area: Finance and Financial Sector
Subjects: Appropriations

Banking and financial institutions regulation

Cardiovascular and respiratory health

Department of the Treasury

Emergency medical services and trauma care

Executive agency funding and structure

Government lending and loan guarantees

Infectious and parasitic diseases

Minority and disadvantaged businesses

Rural conditions and development

Small business

Wages and earnings
Latest action: action_date: 2020-05-12
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2020-05-12
action_desc: Introduced in House
text: <p>This bill provides specified funds to the Department of the Treasury to establish a payroll loan facility that provides loans to small financial institutions. These loans must offer, to the maximum extent practicable, benefits and assistance similar to the Paycheck Protection Program created in response to the COVID-19 (i.e., coronavirus disease 2019) pandemic. Treasury must also establish a loan forgiveness program for these loans. </p>

tv_txt: I 116th CONGRESS 2d Session H. R. 6817 IN THE HOUSE OF REPRESENTATIVES May 12, 2020 Mr. Green of Texas (for himself, Mr. Cleaver , and Mr. David Scott of Georgia ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To establish a payroll loan facility for small financial institutions affected by COVID–19, and for other purposes.

1. Payroll loan facility for small financial institutions (a) In general The Secretary of the Treasury shall establish a payroll loan facility which shall make loans to small financial institutions and which shall, to the maximum extent practicable, provide equivalent benefits and assistance that are provided by the Paycheck Protection Program. (b) Loan forgiveness The Secretary of the Treasury shall establish a loan forgiveness program with respect to loans made under subsection (a), that shall, to the maximum extent practicable, have the same requirements as the loan forgiveness program established under section 1106 of the CARES Act ( 15 U.S.C. 9005 ). (c) Definitions In this section: (1) Community development financial institution The term community development financial institution has the meaning given that term under section 103 of the Riegle Community Development and Regulatory Improvement Act of 1994 ( 12 U.S.C. 4702 ). (2) Small financial institution The term small financial institution means an institution that— (A) is a community development financial institution, minority depository institution, or rural bank; and (B) has consolidated assets of less than $700,000,000. (3) Insured credit union The term insured credit union has the meaning given that term under section 101 of the Federal Credit Union Act. (4) Insured depository institution The term insured depository institution has the meaning given that term under section 3 of the Federal Deposit Insurance Act. (5) Minority depository institution The term minority depository institution has the meaning given that term under section 308(b) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 ( 12 U.S.C. 1463 note). (6) Paycheck Protection Program The term Paycheck Protection Program means section 7(a)(36) of the Small Business Act ( 15 U.S.C. 636(a)(36) ). (7) Rural With respect to an area, the term rural has the meaning given that term under section 1026.35(b)(iv)(A) of title 12, Code of Federal Regulations. (8) Rural bank The term rural bank means an insured credit union or insured depository institution located in a rural area. (d) Direct appropriation for the payroll loan facility There is appropriated, out of amounts in the Treasury not otherwise appropriated, $25,000,000,000 to the Secretary of the Treasury to carry out this subsection.