HR 7388 116th Congress House Transportation and Public Works Economic development Interest, dividends, interest rates

RLF Act

Introduced: June 26, 2020 See on congress.gov

Everywhere this bill has been 3 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Jun 29, 2020

Referred to the Subcommittee on Economic Development, Public Buildings, and Emergency Management.

Jun 26, 2020

Referred to the Committee on Transportation and Infrastructure, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Jun 26, 2020

Introduced in House

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Plain-English summary Congressional Research Service

Reinvigorating Lending for the Future Act or the RLF Act

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.

Specifically, upon request by a qualifying grantee, the Economic Development Administration (EDA) must release any federal interest in a grant—thereby relieving the grantee of associated federal reporting requirements—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.

What's happening now June 29, 2020

Referred to the Subcommittee on Economic Development, Public Buildings, and Emergency Management.

Related & companion bills 1

Bill text 1 version