HR 6789 116th Congress House Finance and Financial Sector Administrative law and regulatory procedures Bank accounts, deposits, capital Cardiovascular and respiratory health Credit and credit markets Disaster relief and insurance Emergency medical services and trauma care Infectious and parasitic diseases National Credit Union Administration Small business

Access to Credit for Small Businesses Impacted by the COVID–19 Crisis Act of 2020

Introduced: May 8, 2020 Introduced by: Sherman, Brad Democratic · California See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

May 8, 2020

Referred to the House Committee on Financial Services.

May 8, 2020

Introduced in House

Plain-English summary Congressional Research Service

Access to Credit for Small Businesses Impacted by the COVID-19 Crisis Act of 2020

This bill eases certain restrictions on credit unions regarding liquidity and lending.

The bill extends waivers applicable to National Credit Union Administration Central Liquidity Facility membership and credit-extension restrictions through December 31, 2021. These waivers currently expire on December 31, 2020. (The National Credit Union Administration Central Liquidity Facility serves as a lender to credit unions that are experiencing certain liquidity shortfalls.)

The bill also temporarily provides credit unions with an exception to limits on outstanding member business loans. Specifically, a loan does not count towards this limit if (1) it is used for recovery from the COVID-19 (i.e., coronavirus disease 2019) emergency, (2) it is made by an insured credit union that has received a specified soundness rating, (3) it is made during a specified time period, and (4) it does not threaten the safety and soundness of the insured credit union.

What's happening now May 8, 2020

Referred to the House Committee on Financial Services.

Committees of jurisdiction 1