Skip to main content
HR 6892 116th Congress House Finance and Financial Sector Economic performance and conditions Educational facilities and institutions Federal Reserve System Government lending and loan guarantees Small business

To amend the CARES Act to add requirements for the Main Street Lending Program related to non-profit organizations, small businesses, minority depository institutions, and community development financial institutions, and for other purposes.

Introduced: May 15, 2020 Introduced by: Beatty, Joyce Democratic · Ohio See on congress.gov
Sign in to write a letter Sign in to watch
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 15, 2020
Referred to the House Committee on Financial Services.
May 15, 2020
Introduced in House
 Plain-English summary Congressional Research Service

This bill expands existing COVID-19 (i.e., coronavirus disease 2019) economic aid programs to include nonprofit organizations and institutions of higher education. Specifically, the Federal Reserve Board must make these organizations eligible for the Main Street Lending Program, which is currently available to small- and mid-sized businesses.

The board must create low-cost loan options for nonprofit organizations, as well offer loan forgiveness to certain nonprofit organizations that predominately serve low-income communities.

The Main Street Lending Program must offer loans that do not have a minimum loan size and includes the ability to defer payments without capitalization of interest to small businesses, nonprofits, and institutions of higher education. The board must authorize community development financial institutions to be eligible lenders.

What's happening now May 15, 2020

Referred to the House Committee on Financial Services.

 Committees of jurisdiction 1